Agusto & Co. downgrades the rating of Cordros Money Market Fund to Bbb+(f).
The rating expires on 5 March 2024.
Agusto & Co. hereby downgrades the rating of Cordros Money Market Fund (‘Cordros MMF’ or ‘the Fund’) to ‘Bbb+(f)’. The rating downgrade reflects the deterioration in the weighted average credit quality of the Fund, with significant exposure to securities in the lower end of the acceptable rating scale, which we consider to have moderate exposure to credit risk. Nonetheless, the rating is upheld by Cordros MMF’s low exposure to liquidity and interest rate risks as well as adherence to regulatory and internal guidelines. We have also taken into consideration the limited functionality of the current fund management software for pre-trade checks.