Agusto & Co. affirms the Aa(f) rating assigned to Stanbic IBTC Money Market Fund

Agusto & Co. affirms the Aa(f) rating assigned to Stanbic IBTC Money Market Fund

Rating Release

Agusto & Co. affirms the Aa(f) rating assigned to Stanbic IBTC Money Market Fund (‘SIMMF’ or ‘the Fund’).

The rating expires on 21 December 2022.

Agusto & Co. affirms the Aa(f) rating assigned to Stanbic IBTC Money Market Fund (‘SIMMF’ or ‘the Fund’). The rating reflects the Fund’s good investment process, minimal exposure to interest rate risk, and low exposure to liquidity risk. However, SIMMF’s rating is constrained by higher credit risk exposure in the 12 months to 30 November 2021, with consistent breaches in the stipulated minimum investment in low-risk government securities. Nonetheless, we note positive efforts by the Manager to shore up the Fund’s portfolio with investments in Federal Government-backed/collaterised instruments to moderate exposure to credit risk in the review period (December 2020 – November 2021). We have also taken into consideration the weakening macroeconomic environment and the impact of the persistent low yield environment on 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
Credit Direct Limited review in progress Aug 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
No Current Ratings

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
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