Agusto & Co. affirms the Aa(f) rating assigned to Stanbic IBTC Money Market Fund (‘SIMMF’ or the ‘Fund’). Funds rated ‘Aa(f)’ are deemed to have minimal to low exposure to downside risk (impairment to the net asset value) in the medium term.
The rating expires on 23 December 2020.
SIMMF’s rating reflects the stability of the Fund’s credit, market and liquidity profile, based on surveillance data provided to Agusto & Co over the last 12 months. The Fund is governed by a capable investment management team led by primary portfolio managers with an average of 12 years asset management experience. The Manager, Stanbic IBTC Asset Management Limited (‘SIAML’) a wholly owned subsidiary of Stanbic IBTC Holdings Plc has also demonstrated good track in asset management as SIMMF remains the largest money market fund in Nigeria with a net asset value (NAV) of ₦319 billion as at 25 November 2019. Nevertheless, in our opinion, SIAML will require more robust systems to sustain growth in its client base.
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