Rating Release
Agusto & Co. affirms the ‘Aa-(f)’ rating assigned to FBN Money Market Fund (‘FBN MMF’ or ‘the Fund’).
The rating expires on 22 December 2022
Agusto & Co. affirms the ‘Aa-(f)’ rating assigned to FBN Money Market Fund (‘FBN MMF’ or ‘the Fund’). The rating is upheld by the Manager’s adequate investment process as well as the Fund’s low exposure to liquidity and interest rate risks. However, the rating is impaired by the deterioration in the credit quality of FBN MMF’s portfolio which was due in part to the dearth of low-risk Treasury bills and exacerbated by the relatively large size of the Fund. We have also taken into consideration the weakening macroeconomic environment and the impact of the low yield environment on FBN MMF.