Rating Release

Agusto & Co. hereby downgrades the rating of Coral Money Market Fund to Bbb+(f)

 The rating expires on 23 June 2023.

Agusto & Co. downgrades the rating of Coral Money Market Fund (“the Fund” or “Coral MMF”) to Bbb+(f). The rating reflects the Fund’s low exposure to liquidity risk and no exposure to foreign currency and equity risks. However, the rating is impaired by the heightened exposure to credit risk and interest rate risk, with regulatory concentration and WAM limits regularly breached. We have also considered the impact of the multiple changes in leadership in the last two years, the weak macroeconomic environment and the prevailing low yields on money market securities on the risk profile of the Fund.