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.

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