Agusto & Co. assigns an “A-(f)” rating to Cordros Money Market Fund
The rating expires on 28 February 2021.
The rating assigned to Cordros Money Market Fund (“Cordros MMF” or “the Fund”) reflects the Fund’s adequate investment and risk management process, with well-established procedures. In the review period (February 2019 – January 2020), the Fund had good credit quality of underlying investments (minimum ‘Bbb’ rating) and maintained low exposure to interest rate risk by adhering to the 90-day WAM limit. However, Cordros MMF’s exposure to credit risk was moderate with a significant portion of the Fund’s net assets skewed towards minimum acceptable rating of ‘Bbb’.
Funds rated ‘A-(f)’ are deemed to have low to moderate exposure to downside risk (impairment of net asset value) in the medium term.
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