Rating Release

Agusto & Co. hereby upgrades the rating assigned to Cordros Money Market Fund (“Cordros MMF” or “the Fund”) to A-(f).

The rating expires on 14 March 2025.

Agusto & Co. hereby upgrades the rating of Cordros Money Market Fund (‘Cordros MMF’ or ‘the Fund’) to A-(f). The upgrade is supported by the Fund’s improved adherence to regulatory guidelines and investment process for managing exposure to credit risk. In addition, the rating reflects Cordros MMF’s low exposure to liquidity and interest rate risks and the Manager’s good track record in the management of collective investment schemes. The rating, however, remains constrained by the Fund’s significant exposure to securities at the lower end of the acceptable rating scale, which we consider to have moderate exposure to credit risk. We have also considered the impact of the deteriorating macroeconomic environment on the credit risk profile of collective investment schemes, as fund managers attempt to optimise returns in an increasingly competitive environment