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

Rating Category: Funds

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

Rating Release

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

The rating expires on 5 October 2023.

Agusto & Co hereby upgrades the rating of EDC Nigeria Money Market Fund (‘EDC MMF’ or ‘the Fund’) to A(f). The rating reflects the Fund’s improved adherence to established guidelines, particularly in periods of significant asset growth as well as EDC MMF’s low exposure to credit and interest rate risks. The rating also reflects the adequate internal credit assessments conducted on proposed counterparties and automated pre and post trade checks. Nonetheless, the rating is impaired by low cash holdings relative to the Fund’s size. 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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