Lekki Gardens retains BBB+ rating

Bisola David
Bisola David
Lekki Gardens retains BBB+ rating

Nigerian real estate company, Lekki Gardens, has its national scale long-term and short-term issuer ratings affirmed by Global Credit Ratings at BBB+ and A2, respectively, with a stable outlook.

The PUNCH reported that according to a statement released by GCR on Thursday, the rating demonstrated that “Lekki Gardens’ well-managed liquidity and modest leverage metrics have supported the ongoing operations and sustained its competitive position within the Nigerian property development sector.”

Managing Director and CEO Dr. Richard Nyong commented on the grade, saying, “Our capacity to generate very robust internal cashflows remains very strong and sustained.”

He continued by saying that in spite of the significant economic challenges, the company had managed to maintain its operational performance and was in a strong position to fulfil its obligations when they were due.

In 2022, Lekki Gardens published business papers. It issued N4.18 billion Series 1 (Tranches A & B) Commercial Papers as part of its N25 billion Commercial Paper program, which were successfully redeemed and returned in 2023.

Furthermore, the company effectively settled its N3.50 billion, three-year loan instrument, which was due in January 2024.

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