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

Rating Category: Funds

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

Rating Release

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

The rating expires on 13 December 2023.

Agusto & Co hereby upgrades the rating of Abacus Money Market Fund (‘Abacus MMF’ or ‘the Fund’) to A(f). The rating is upheld by the Fund’s more conservative asset allocation with much lower investments in entities at the lower end of the acceptable rating scale. The rating also reflects Abacus MMF’s low exposure to liquidity and interest rate risks, improvements in the investment and risk management processes as well as the support received from the GTCO group for counterparty credit assessments.

Nonetheless, the rating is impaired by counterparty concentration and the Fund breaching the holding of 25% and above of net assets in FGN securities on six occasions during the review period. We have also considered the impact of the weakening macroeconomic environment, which has the potential to heighten risk exposures and pressure investment performance.

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.
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