Rating Release

Agusto & Co. hereby downgrades the rating assigned to First Trustees ARM Money Market Fund to A+(f)

The rating expires on 17 December 2025

Agusto & Co. hereby downgrades the rating of First Trustees ARM Money Market Fund (‘ARM MMF’ or ‘the Fund’) to ‘A+(f)’. The downgrade reflects the Fund’s continued and significant exposure to securities at the lower end of the acceptable rating scale which we consider to have moderate exposure to credit risk. Nonetheless, the rating is upheld by ARM MMF’s consistently low exposure to interest rate and liquidity risks, a diverse unitholding base, adherence to regulatory requirements and a good operational track record in the asset management industry.