Moody's Investors Service (Moody's) awarded a final grade Aa1 on Monday, November 28, 2022, to the draft first tier secured bonds [205 million euros] due [2040] (the Bonds) to be issued by CRRH West Africa Impact Affordable Housing Trust 2022 (the Issuer) and guaranteed by the US International Development Finance Corporation (DFC), a Agency of United States Government (United States of America, Government of, Aaa Stable). The outlook is stable.

The award follows Moody's review of the final documentation and associated legal opinions. For Christopher Bredholt, Vice President of Moody's Senior Credit Officer and Principal Analyst for the Issuer, “the issuer's credit profile is supported by the strong collateral provided by DFC, and is one of a number of growing recent precedents incorporating credit enhancements to mobilize a broader base of private capital for emerging markets.”

According to him, “the transaction will significantly increase home loan capital for low- and middle-income households in West Africa, which suffers from a shortage of formal, quality housing.”