Rating Release

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

The rating expires on 25 February 2027

Agusto & Co. hereby affirms the ‘Bbb+(f)’ rating assigned to FSL Money Market Fund (“FSL MMF” or “the Fund”). The rating is upheld by FSL MMF’s low exposure to liquidity risk, as well as the moderate exposure to credit and interest rate risks and an improved unit holder base. The rating is, however, impaired by the non-compliance with regulatory guidelines for money market funds, such as the persistent breaches of the regulatory 90-day WAM limit, single obligor limit and the 25% minimum FGN investment requirement. We have also taken into consideration FSL Asset Management Limited’s (“FSL AML” or “the Manager”) short track record in the management of collective investment schemes.