The Family Homes Funds Limited’s (FHFL) national scale long and short-term issuer ratings of BBB+(NG)/A2(NG) has been affirmed by GCR, with the outlook revised from Stable to Positive.
According to the leading ratings agency, the affirmation "reflects the expectation that Family Homes Funds Limited will sustain the growth trajectory in delivering its mandate, on the back of the strong and sustained support of the Federal Government of Nigeria (FGN) as well as additional funding from Development Financial Institutions (DFIs), while maintaining a good risk profile".
Further on FHFL’s capitalisation strength, GCR states that its assessment of FHFL’s capital and leverage is in the highest band based on the GCR financial leverage ratio of 80.7% as at July 2023 (December 2022: 68.8%, December 2021: 85.6%).
Reacting, the Managing Director of Family Homes Funds Limited, Abdul Mutallab Mukhtar said, "This rating affirmation and outlook revision from Stable to Positive is indicative of our commitment, resilient strategies, and the notable results we have achieved".
"Our mission is deeply rooted in the unwavering commitment to changing lives. This is what drives our devoted team of experts, sound financial strategies, strong risk management standards, and our steadfast dedication to environmental, social, and governance policies."
"This positive affirmation is not just a milestone; it is a major boost for our growth and projections. As we celebrate, we are inspired to continue our impactful journey, combining excellence and innovation for sustainable solutions to housing in Nigeria."
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.
