Agusto & Co upgrades the rating of Legacy Money Market Fund to A+(f) with a stable outlook

Agusto & Co upgrades the rating of Legacy Money Market Fund to A+(f) with a stable outlook

Rating Release

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

The rating expires on 30 July 2022.

The rating reflects the Fund’s conservative stance and adherence to regulatory requirements in an era of low yields on money market securities. In particular, the rating reflects a marked improvement in the interest rate risk management for the Fund. In the review period (June 2020 – June 2021), Legacy MMF had low exposure to credit, liquidity and interest rate risks. However, the rating is constrained by the weakening macroeconomic environment and the prevailing low yield on money market securities in Nigeria, which have adversely affected the Fund.

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