Agusto & Co. hereby affirms the A(f) rating assigned to Coral Money Market Fund (‘Coral MMF’ or ‘the Fund’).
The rating expires on 15 April 2022
The rating is supported by the Fund’s conservative credit stance in a period of low yields and improvements in the investment and risk management processes. However, the rating was constrained by the significant breaches in the weighted average maturity (WAM) of the Fund and concentration in the unitholding base. We have also considered the impact of the weakening macroeconomic environment and the prevailing low yields on money market securities in Nigeria.