Nigeria’s first credit rating agency, Agusto & Co has assigned a “Bbb-” rating to Mixta Real Estate Plc.
According to Augusto, the rating assigned to Mixta Real Estate Plc is hinged on the Company’s adequate working capital, moderate leverage, strong brand presence in the Nigerian real estate market and a stable and experienced management team.
However, the rating is tempered by MRE’S subpar profitability, weak cash flow and the adverse macroeconomic environment which has negatively impacted demand for real estate generally.
Mixta Nigeria is a member of the Mixta Africa S. A. – a large property development company operating in seven African countries and Europe. MRE is one of the leading real estate development companies in Nigeria and has a track record and diverse real estate portfolio, with operations spanning the residential, commercial, retail and leisure subsegments of the Nigerian real estate industry.
