Agusto & Co. assigns an “A-(f)” rating to Zenith Money Market Fund
The rating expires on 31 March 2021.
Agusto & Co affirms the A-(f) rating assigned to Zenith Money Market Fund (“Zenith MMF” or “the Fund”). The rating reflects the Fund’s satisfactory investment and risk management process, with well-established procedures.
In the review period (March 2019 – February 2020), the Fund maintained a conservative credit stance with an average of 64% of the Fund’s net assets invested in Federal government of Nigeria (FGN) Treasury Bills. In addition, none of the Fund’s investments fell below the ‘Bbb’ rating bucket. However, Zenith MMF breached the 90-day WAM limit in seven occasions during the review period.
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