Rating Release

Agusto & Co. hereby affirms the A+(f) fund credit quality and FV4 fund volatility ratings assigned to Coronation Fixed Income Fund (“Coronation FIF”, “CFIF” or “the Fund”).

The rating expires on 30 December 2025.

Agusto & Co. hereby affirms the ‘A+(f)’ fund credit quality and ‘FV4’ fund volatility ratings assigned to Coronation Fixed Income Fund (‘Coronation FIF’ or ‘CFIF’ or ‘the Fund’). The credit quality rating reflects Coronation FIF’s improved counterparty selection process and low to moderate exposure to credit risk, with an average of 74% of net assets held in securities issued by the Federal Government of Nigeria (FGN). The fund volatility rating is upheld by CFIF’s shorter duration and satisfactory liquidity profile. In addition, the ratings reflect the good operating track record of the fund manager and a diverse portfolio of non-sovereign assets. Nonetheless, we have also taken into consideration the weak macroeconomic conditions that continue to constrain the Fund’s growth as well as CFIF’s significant unitholder concentration.