Augusto & Co. has affirmed the ‘Aa-(f)’ rating assigned to FBN Money Market Fund

Funds
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The rating assigned to the FBN Money Market Fund (‘FBN MMF’ or ‘the Fund’) reflects the Fund’s minimal to low exposure to downside risk (impairment to the net asset value) in the medium term.

FBN MMF has maintained low exposure to credit risk by investing in good quality assets with minimum credit rating of ‘Bbb’ in local currency. The Fund has also kept a good proportion of investments in liquid FGN securities, with an average of 46% during the review period. There are currently no fixed cash holding requirements but FBN MMF maintains staggered maturities to support liquidity. The Fund surpassed the regulatory weighted average maturity 90-day threshold on a number of occasions, nevertheless, FBN MMF maintained a maximum term to maturity of less than a year for all securities.

Bala Augie

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