Agusto & Co. has affirmed the ‘Aa-(f)’ rating assigned to FBN Money Market Fund

Rating Release

 Agusto & Co. has affirmed the ‘Aa-(f)’ rating assigned to FBN Money Market Fund.

The rating expires on 5 December 2020.

The rating assigned to FBN Money Market Fund (‘FBN MMF’ or ‘the Fund’) reflects minimal to low exposure to downside risk (impairment to the net asset value) in the medium term.

During the surveillance period (November 2018 – November 2019), the Fund maintained relatively low exposure to credit risk. All investments were with counterparties Agusto & Co consider to be of investment-grade credit quality.

The management of liquidity risk remained satisfactory through an adherence to SEC’s 25% minimum asset allocation to FGN securities. FBN MMF also maintained staggered maturities and matched redemptions with inflows into the Fund, to manage liquidity risk. Exposure to interest rate was also low given that the Fund recorded no breaches to the weighted average maturity (WAM) threshold during the one-year review period.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.