Agusto & Co. affirms the Aa(f) rating assigned to First Trustees ARM Money Market Fund (“ARM MMF” or “the Fund”).

Agusto & Co. affirms the Aa(f) rating assigned to First Trustees ARM Money Market Fund (“ARM MMF” or “the Fund”).

Rating Release

Agusto & Co. affirms the Aa(f) rating assigned to First Trustees ARM Money Market Fund (“ARM MMF” or “the Fund”).

The rating expires on 16 December 2022.

Agusto & Co. affirms the Aa(f) rating assigned to First Trustees ARM Money Market Fund (“ARM MMF” or “the Fund”). The rating reflects the Fund’s low exposure to liquidity and interest rate risks. However, the rating is constrained by the decline in the credit quality of ARM MMF’s net assets which was due primarily to the scarcity of low-risk treasury bills. We have also considered the impact of the weakening macroeconomic environment particularly the devaluation of the domestic currency and prevailing low yields on money market securities in Nigeria which has led to shrinkage of the Fund due to withdrawals

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
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria
WSTC Financial Services Limited Bbb+ Mar 31 , 2022 Stable Nigeria

Corporates

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