Rating Release
Agusto & Co. hereby affirms the A+(f) rating of Legacy Money Market Fund
The rating expires on 3 October 2024.
Agusto & Co. hereby affirms the ‘A+(f)’ rating assigned to Legacy Money Market Fund (‘Legacy MMF’ or ‘the Fund’). The rating is upheld by the Fund’s consistent low exposure to credit, liquidity and interest rate risks. The rating also reflects good internal credit assessments of counterparties with support from the banking subsidiary of the FCMB group. The rating is, however, constrained by the breach of the single obligor limit on a few occasions, concentration in the unitholding base and the limited functionality of the current portfolio management software. We have also taken into consideration the impact of the weak macroeconomic environment on the Fund’s performance which particularly has resulted in negative returns to unitholders when inflation is factored in.
