Agusto & Co upgrades the rating of AXA Mansard Money Market Fund to A+(f).

Agusto & Co upgrades the rating of AXA Mansard Money Market Fund to A+(f).

Rating Release

Agusto & Co upgrades the rating of AXA Mansard Money Market Fund (‘AXA Mansard MMF’ or ‘the Fund’) to A+(f).

The rating expires on 23 August 2022.

Agusto & Co. upgrades the rating of AXA Mansard Money Market Fund (‘AXA Mansard MMF’ or ‘the Fund’) to A+(f). The rating reflects the Fund’s low exposure to credit, interest rate and liquidity risks during the review period (June 2020 – June 2021) as well as the strengthened governance and support from the AXA Mansard Group. In particular, the rating reflects a marked improvement in the interest rate risk management of the Fund from the prior review period which recorded several breaches in the 90-day weighted average maturity (WAM) limit stipulated by the Securities and Exchange Commission (SEC). The rating is however constrained by breaches of the 25% minimum investment in Federal Government of Nigeria (FGN) issued securities stipulated by SEC. We have also taken into consideration the impact of the weakening macroeconomic environment on the Fund’s 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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