Firm maintains BBB+ rating

The 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.

According to GCR, the rating affirmation reflects Lekki Gardens’ modest leverage metrics and well-managed liquidity, which has supported the ongoing operations and sustained its competitive position within the Nigerian property development sector.

Managing Director and Chief Executive Officer, Dr Richard Nyong, said: “Our capacity to generate very robust internal cashflows remains very strong and sustained.”

He 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 have ensured they are in a good position to meet all obligations as and when due.