Agusto & Co. hereby affirms the Bbb-(f) rating to GDL Money Market Fund
The rating expires on 16 July 2023.
Agusto & Co. hereby affirms the Bbb-(f) rating assigned to GDL Money Market Fund (“GDL MMF” or “the Fund”). The rating reflects the Fund’s low to moderate exposure to interest rate and liquidity risks. The rating is impaired by GDL MMF’s moderate exposure to credit risk, with regular breaches of the Securities & Exchange Commission’s (SEC) 25% minimum Federal Government of Nigeria (FGN) investment requirement and 20% obligor concentration limit stipulated for money market funds. The Fund also recorded breaches of the maximum 90- day weighted average maturity (WAM) limit in the review period given the low yields on money market securities.