Global Credit Rating (GCR) has affirmed Lekki Gardens’ national scale long-term and short-term issuer ratings of BBB+ and A2 respectively, with a stable outlook.
GCR said the rating affirmation reflects Lekki Gardens’ modest leverage metrics and well-managed liquidity which have supported the ongoing operations and sustained its competitive position within the Nigerian property development sector.
The managing director and chief executive officer, Dr. Richard Nyong, said; “Our capacity to generate very robust internal cashflows remains very strong and sustained.”
He further stated that the company’s efforts to keep her leverage at a minimum combined with very solid and sustained operational performance despite the severe economic headwinds had ensured they are in a good position to meet all obligations as and when due. This fact was demonstrated in the recent successful repayment of her N3.5bn year debt instrument that matured in January 2024. It would be recalled that the company in 2022 issued N4.1bn in series 1 (tranches A & B) commercial papers under her N25bn commercial paper programme which were successfully redeemed and repaid in 2023.
In a statement, the company said, ‘‘Lekki Gardens is the leading indigenous property development company in Nigeria with a track record of having delivered over 15,000 residential and retail units since inception in 2012.
The company has several ongoing projects across choice locations in Lagos, Rivers, Ogun states, and the Federal Capital Territory.’’
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