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.