Scope, a European credit rating agency, has assigned a B stable rating to Veritasi Homes, Nigeria’s foremost real estate firm.
The global rating by Scope to Veritasi Homes is the first of its kind issued to an indigenous African real estate company.
“The outlook assigned is B/stable and it reflects our expectation that Veritasi Homes will be able to deliver its pipeline while maintaining adequate credit metrics,” Scope said in a statement.
The global rating – a B stable issuer rating for the first time to Veritasi, follows closely on the heels of the company’s redemption of N5.53 billion in series 1 and 2 commercial paper which was part of its N10 billion issuance program.
Nola Adetola, CEO of Veritasi Homes said the company’s first-time B/Stable issuer rating by Scope Ratings reflects the company’s good governance and management expertise.
“The rating from Scope Ratings illustrates that our dynamic approach to delivering exceptional value in the Nigerian real estate market amidst the economic uncertainties of the county has been very effective,” he said.
“Our vision is to transform the Nigerian real estate sector in the coming years by designing and building large-scale housing and hospitality projects and we are on the right path,” he noted.
He added that Veritasi’s fantastic track record speaks for itself, and its credibility remains unquestioned.
Tobi Yusuff, Partner, head of marketing and communications, Veritasi Homes, also said, “We have exceeded many expectations and accomplished many feats in just five years.”
“Having an international rating from a credible European institution reflects our creditworthiness and global recognition as a real estate brand.”
“There is room for growth; however, this will better position us as market leaders in the Nigerian real estate space.”
Scope Ratings offers expert credit assessments across Europe, using a modular, opinion-driven, and flexible approach to assist institutional investors and issuers in making more informed economic decisions.