Rating Release

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

The rating expires on 25 June 2027

Agusto & Co. hereby downgrades the rating of ValuAlliance Money Market Fund (‘ValuAlliance MMF’ or ‘the Fund’) to ‘A(f)’. The downgrade reflects the decline in the Fund’s credit quality, with exposure to a counterparty with a publicly available speculative rating for 34 weeks during the review period, accounting for up to 7% of net assets on average. Nonetheless, the rating reflects ValuAlliance MMF’s continued low exposure to liquidity and interest rate risks, membership of an established financial services group and a good operational track record in the asset management industry. We have also taken into consideration the concentration in the unitholding base.