Rating Release
Agusto & Co. hereby affirms the A-(f) rating assigned to RMBN Money Market Fund (“RMBN MMF” or “the Fund”).
The rating expires on 13 May 2026.
Agusto & Co. hereby affirms the ‘A-(f)’ rating assigned to RMBN Money Market Fund (“RMBN MMF” or “the Fund”). The rating is upheld by the Fund’s low exposure to liquidity risk and low to moderate exposure to credit and interest rate risks. The rating is, however, impaired by breaches in the maximum WAM and single obligor limits stipulated by regulation and RMBN MMF’s significant exposure to securities at the lower end of the acceptable rating scale. We note that the breaches were corrected within the 90-day regulatory cure period stipulated by SEC. We have also taken into consideration the Fund’s significant unitholder concentration and short track record of RMB Nigeria Asset Management Limited (“RMBN AM” or “the Manager”) in the management of collective investment schemes. Nonetheless, we recognise the significant experience of the portfolio management team in managing collective investment schemes.
