Rating Release

Agusto & Co. hereby affirms the A+ fund credit quality rating and assigns an FV4 fund volatility rating to Coronation Fixed Income Fund (“CFIF” or “the Fund”).

The rating expires on 13 September 2022

Agusto & Co. hereby affirms the A+ fund credit quality rating and assigns an FV4 fund volatility rating to Coronation Fixed Income Fund (“CFIF” or “the Fund”). The Fund’s credit quality rating reflects CFIF’s consistently low exposure to credit risk, with an average of 86% of net assets held in government securities in the review period and the newly introduced internal credit assessment framework for counterparties. The upgrade of the Fund’s volatility rating reflects the much lower duration of CFIF relative to the prior review period and the low exposure to liquidity risk. Nonetheless, the ratings remain constrained by the Fund’s significant concentration in the unitholding base, frequent changes in key personnel and the weak macroeconomic environment.