Rating Release
Agusto & Co. affirms the “A(ken)” and “A+(ngr)” national scale ratings and a stable outlook assigned to Shelter Afrique.
The ratings expire on 30 June 2024.
Agusto & Co. affirms the “A(ken)” and “A+(ngr)” national scale ratings assigned to Shelter Afrique (“SHAF” or “the Company”). The rating is hinged on the Company’s multilateral legal ownership and relationship with 44 African Governments as well as SHAF’s critical developmental mandate to drive affordable housing demand and supply in Africa. The Company’s adequate capitalisation, low leverage and acceptable liquidity profile also supports the rating affirmation. However, SHAF’s rating is constrained by weak asset quality which has been negatively impacted by legacy delinquent loans. We have also considered the inconsistent capital contributions from the member countries and frequent changes in senior management as rating negatives.