Rating Release

Agusto & Co. hereby affirms the Bbb(f) rating assigned to Page Money Market Fund

The rating expires on 18 December 2026

Agusto & Co hereby affirms the Bbb(f) rating assigned to Page Money Market Fund (‘Page MMF’ or ‘the Fund’). The rating is upheld by the Fund’s continued low exposure to liquidity and interest rate risks, as well as satisfactory investment and operational risk management processes.  The rating is, however, constrained by Page MMF’s exposure to counterparties with publicly available investment-grade credit ratings, which Agusto & Co. holds a different opinion, as well as to a counterparty with a publicly available speculative credit rating, which together accounted for an average of 15% of the Fund’s portfolio in the 12 months to November 2025. We have also taken into consideration the breaches of the regulatory FGN 25% minimum investment requirement and violations of the regulatory single obligor concentration limit.