Moody's Gives Centum Re Highest Green Bond Score, a First for East African Developers
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Moody's Ratings has awarded Centum Re's Green Bond Framework its highest sustainability quality score, making the real estate developer the first in East Africa to receive the top rating.
Moody's Ratings has awarded Centum Re's Green Bond Framework an SQS1 "Excellent" score, the highest sustainability quality rating available, making it the first real estate developer in East Africa to receive the top mark from the agency.
Centum Re is the real estate development arm of Centum Investment Company, which is listed on the Nairobi Securities Exchange. Moody's said the framework meets the four key requirements of the International Capital Market Association's Green Bond Principles 2025, covering the use of proceeds, project selection, management of funds and reporting to investors.
The developer plans to use green bonds, debt instruments whose proceeds are earmarked for environmentally beneficial projects, to finance large-scale property developments in Kenya and Uganda. The assessment is expected to boost its credibility among investors ahead of the fundraising.
Kenneth Mbae, Managing Director of Centum Re, said the rating gives the company international recognition for the systems it has put in place to support sustainable financing. "Receiving an SQS1 'Excellent' assessment from Moody's is a significant milestone for Centum Re and a strong endorsement of the sustainability standards underpinning our Green Bond Framework," he said.