Rating Release

Agusto & Co. downgrades the rating of First Trustees ARM Money Market Fund to Aa-(f).

The rating expires on 7 December 2023.

Agusto & Co. downgrades the rating of First Trustees ARM Money Market Fund (“ARM MMF” or “the Fund”) to Aa-(f). The rating downgrade is triggered by the Fund’s consistent and 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 reflects ARM MMF’s low exposure to liquidity and interest rate risks as well as a diverse unitholding base. We have also taken into consideration the impact of the weak macroeconomic environment on the Fund’s performance.