Agusto & Co. hereby downgrades the rating of Meristem Money Market Fund to A(f)

Rating Category: Funds

Agusto & Co. hereby downgrades the rating of Meristem Money Market Fund to A(f)

Rating Release

Agusto & Co. hereby downgrades the rating of Meristem Money Market Fund to A(f)

The rating expires on 20 December 2023.

Agusto & Co hereby downgrades the rating of Meristem Money Market Fund (‘Meristem MMF’ or ‘the Fund’) to A(f). The rating reflects Meristem MMF’s continued and significant exposure to entities at the lower end of the acceptable rating scale which we deem to have moderate credit risk. The Fund breached the 25% stipulated minimum investment in Federal Government of Nigeria securities on three occasions and the limited capacity of the research team for credit analysis. Nonetheless, we recognise Meristem MMF’s low exposure to interest rate and liquidity risks. We have also considered the impact of the weakening macroeconomic environment, which has elevated credit risk.

This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co.
Send via WhatsApp

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Citihomes Finance Company Limited SR3 Nov 24 , 2023 Stable Nigeria
Lukefield Finance Company Limited Bbb- Jun 30 , 2023 Stable Nigeria
Credit Direct Limited Bbb Jun 30 , 2023 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
North South Power Company Limited A- Jun 30 , 2023 Stable Nigeria
African Foundries Limited Bbb+ Jun 30 , 2023 Stable Nigeria

Corporate Bonds

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Viathan Funding Plc.’s ₦10 billion 10-year Series 1 Senior Guaranteed Fixed Rate Bond Due 2027 Aaa Dec 31 , 2027 Stable Nigeria
NSP-SPV PowerCorp Plc’s ₦10 Billion 15-year Series 1 Aaa Dec 31 , 2033 Stable Nigeria