Agusto & Co. hereby affirms the A-(f) rating to Zenith Money Market Fund.
The rating expires on 21 March 2023.
Agusto & Co. hereby affirms the A-(f) rating of Zenith Money Market Fund (“ZMMF” or “the Fund”). The rating is upheld by the Fund’s low exposure to liquidity risk and interest rate risk. However, the rating is impaired by the breaches of the 25% minimum investment in Federal Government of Nigeria (FGN) securities stipulated by the Securities and Exchange Commission (SEC), the high turnover of the investment team and the Manager’s weak internal credit assessment of counterparties. We have also taken the impact of the weak macroeconomic environment on the Fund’s performance into cognisance.