Rating Release
Agusto & Co. assigns an “A(f)” rating to FSDH Treasury Bills Fund (A Money Market Fund)
The rating expires on 31 January 2021.
The rating assigned to FSDH Treasury Bills Fund (A Money Market Fund) (“FSDH-TB” or “the Fund”) reflects the Fund’s conservative credit and liquidity profile which is based on the portfolio monitoring carried out by Agusto &Co. Since the launch of the Fund in June 2019, FSDH -TB has maintained good credit quality of underlying investments (minimum ‘Bbb’ rating). However, the Fund consistently breached the 90-day weighted average maturity (WAM) limit prescribed by SEC for money market funds in Nigeria.
Funds rated ‘A(f)’ are deemed to have low to moderate exposure to downside risk (impairment of net asset value) in the medium term.