Agusto & Co. affirms the A-(f) rating assigned to Cordros Money Market Fund

Agusto & Co. affirms the A-(f) rating assigned to Cordros Money Market Fund

Rating Release

Agusto & Co. affirms the A-(f) rating assigned to Cordros Money Market Fund

The rating expires 8 March 2023.

Agusto & Co. affirms the A-(f) rating assigned to Cordros Money Market Fund (‘Cordros MMF’ or ‘the Fund’). The rating reflects Cordros MMF’s low exposure to credit, interest rate and liquidity risks. However, the rating is constrained by the Fund’s manual risk surveillance system, given the fund management software’s limited functionality for conducting pre-trade checks. The rating also takes into consideration the adverse effect of the weakening macroeconomic environment on the growth of the Fund.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
C&I Leasing Plc ₦10 billion 7-year Series II Bond Bbb+ Jun 03 , 2022 Stable Nigeria
C&I Leasing Plc ₦7 billion 5-year Series I Bond A- Jun 11 , 2022 Stable Nigeria
C&I Leasing Plc Bbb- Jun 30 , 2022 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Funding 1 Plc’s Series 1 Bond A- May 31 , 2022 Stable Nigeria
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria