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Rating agency, Agusto & Co. has announced the upgrade of the rating assigned to Family Homes Funds Limited (FHFL) from ‘’A+’ to ‘’Aa-’’.
The upgrade, according to the pan-African leader in credit ratings, industry research and market intelligence reflects the strength of FHFL's financial stability, its commitment to providing affordable housing, and the company's strategic approach to sustainable development in Nigeria.
In its report, Agusto & Co. states that the upgrade reflects the strong support Family Homes Limited continues to receive from the Federal Government of Nigeria (FGN) following the change in administration, which is evident from the commitment through the injection of capital in the form of grants to fund business activities.
‘’The rating is also upheld by FHFL’s rising developmental impact, strong capitalisation, good liquidity and funding profile, experienced and competent management team, and good asset quality with nil non-performing loans sustained by the insistence on Irrevocable Standing Payment Orders (ISPOs) and bank guarantees for loan repayments.’’
Reacting, the Managing Director of FHFL, Abdul Mutallab Mukhtar said, “We are delighted with Agusto & Co.'s recognition of our efforts. This rating upgrade is a testament to the hard work and dedication of our team in delivering on our mandate to provide affordable homes to Nigerian families. It also underscores the confidence in our financial health and operational effectiveness. We remain committed to our mission and will continue to leverage our strengths to create lasting impact in the housing sector.”
Editor’s Note
Family Homes Funds Limited (FHFL) is a Limited Liability Company with initial shareholding by the Federal Ministry of Finance Incorporated and the Nigeria Sovereign Investment Authority. The company aims to reduce Nigeria’s housing deficit by facilitating the development of affordable homes and advancing innovative paths to home ownership. In the process, the Company strives to spur the development of relevant skills, support the industry, and create jobs.
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