Agusto & Co maintains the A-(f) rating assigned to EDC Nigeria Money Market Fund

Agusto & Co maintains the A-(f) rating assigned to EDC Nigeria Money Market Fund

Rating Release

Agusto & Co maintains the A-(f) rating assigned to EDC Nigeria Money Market Fund (‘EDC MMF’ or ‘the Fund’).

The rating expires on 22 September 2022.

Agusto & Co. maintains the A-(f) rating assigned to EDC Nigeria Money Market Fund (“EDC MMF” or “the Fund”). The rating reflects improvements in the credit quality of the Fund’s portfolio holdings and low exposure to liquidity risk during the review period (September 2020 – August 2021). We have also taken into consideration the adequate internal credit assessments conducted on proposed counterparties. However, the rating is constrained by the consistent breaches of the weighted average maturity (WAM) limit of 90 days stipulated by the Securities & Exchange Commission for money market funds.

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.

Finance & Leasing

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Credit Direct Limited Bbb Jun 30 , 2022 Stable Nigeria
Citihomes Finance Company Limited SR3 Jul 05 , 2022 N/A Nigeria
WSTC Financial Services Limited Bbb+ Mar 31 , 2022 Stable Nigeria

Corporates

COMPANY RATING EXPIRY OUTLOOK COUNTRY
Axxela Limited A- Jun 30 , 2022 Stable Nigeria
Kawai Technologies Limited Bb Jun 30 , 2022 Neutral Nigeria