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
