Rating Release
Agusto & Co. hereby assigns a ‘A+(ngr)’ rating to Shelter Afrique’s Series I ₦27.18 Billion & ₦18.82 Billion Bonds
This rating expires 19 April 2023.
Agusto & Co. hereby assigns an “A+(ngr)” rating to Shelter Afrique’s (“SHAF” or “the Issuer”) Tranche A 5-Year ₦27.18 billion 13% and Tranche B 7-Year ₦18.82 billion 13.25% Senior Unsecured Bonds (“the Bond” or “the Issue). The Bond forms the Series I issuance under SHAF’s ₦200 billion Domestic Bond Issuance Programme. The rating assigned to the Issue mirrors the standalone rating of the Issuer as the Bond represents senior unsecured obligations that rank pari passu with the Issuer’s other senior unsecured debts. Agusto & Co. assigned an “A+(ngr)” rating to Shelter Afrique in August 2021. The Issue proceeds will be used to fund mass housing development projects and provide lines of credit.
