Rating Release
Agusto & Co. assigns a Aa-(f) rating to Stanbic IBTC Money Market Fund.
The rating expires on 31 December 2023.
Agusto & Co. hereby assigns a Aa-(f) rating to Stanbic IBTC Money Market Fund (‘SIMMF’ or ‘the Fund’). The rating reflects the Fund’s low but higher credit risk exposure in the review period due to the frequent and consistent breaches of the minimum investment in low-risk government securities. Nonetheless, the rating is upheld by the Fund’s low exposure to liquidity and interest rate risks, a diverse unitholding base and SIMMF’s good investment process. We have also taken into consideration the weakening macroeconomic environment and the impact of the persistent low yields in the domestic money markets on the Fund.