Rating Release
Agusto & Co. hereby affirms the Bbb+(f) rating assigned to GDL Money Market Fund (“GDL MMF” or “the Fund”).
The rating expires on 26 June 2025.
Agusto & Co hereby upgrades the rating of GDL Money Market Fund (‘GDL MMF’ or ‘the Fund’) to Bbb+(f). The rating upgrade reflects significant improvements in the Fund’s asset allocation relative to prior review periods, better adherence to regulatory guidelines and enhanced research capacity. In addition, GDL MMF continued to maintain a low exposure to interest rate and liquidity risks. The rating is, however, constrained by obligor and unitholder concentration and the continued skewness towards the lower end of the acceptable rating scale, albeit improved. We have also considered the limited functionality of the current software to automate pre-trade checks.
