Agusto & Co. hereby assigns a Bbb+(f) rating to Norrenberger Money Market Fund
The rating expires on 19 September 2023.
Agusto & Co assigns a Bbb+(f) rating to Norrenberger Money Market Fund (‘Norrenberger MMF’ or ‘the Fund’). The rating reflects the Fund’s low exposure to liquidity and interest rate risks and satisfactory internal credit evaluation of counterparties. However, the rating is impaired by significant obligor concentration, breaches in the regulatory WAM requirement and investment in a counterparty with a publicly available speculative grade rating. We have also considered the impact of the deteriorating macroeconomic environment, which has the potential to heighten risks and constrain investment performance.