{"id":66391,"date":"2022-11-08T22:26:30","date_gmt":"2022-11-08T21:26:30","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=66391"},"modified":"2022-11-08T22:26:31","modified_gmt":"2022-11-08T21:26:31","slug":"agusto-upgrades-edc-nigeria-money-market-fund-rating-to-af","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/agusto-upgrades-edc-nigeria-money-market-fund-rating-to-af\/","title":{"rendered":"Agusto Upgrades EDC Nigeria Money Market Fund Rating To A(F)"},"content":{"rendered":"<p>Pan- African credit rating agency, Agusto &amp; Co has upgraded the rating of EDC Nigeria Money Market Fund (\u2018EDC MMF\u2019 or \u2018the Fund\u2019) to A(f).<\/p>\n<p>Funds rated \u2018A(f)\u2019 are deemed to have low to moderate exposure to downside risk, impairment of net asset value in the medium term.<\/p>\n<p>EDC MMF unit trust scheme which was launched in February 2017 is being managed by EDC Fund Management Limited, a subsidiary of the Ecobank Group.<\/p>\n<p>Agusto in its latest rating assessment report which covers the review period of August 2021 \u2013 August 2022 attributed the impressive performance to the Fund\u2019s improved adherence to established guidelines, particularly in periods of significant asset growth as well as low exposure to credit and interest rate risks, adding that the rating also reflects the adequate internal credit assessments conducted on proposed counterparties and automated pre and post trade checks. The credible rating agency noted that \u201cOverall, we considered EDC MMF\u2019s exposure to credit and interest risk to be low. Its exposure to liquidity risk is also low to moderate the Fund\u2019s investment. Risk management processes are adequate for the Fund\u2019s operational level and it is growing net assets despite uncertainty in the macroeconomic environment .\u201d<\/p>\n<p>The high rating for EDC Nigeria Money Market Fund comes despite the nation\u2019s weakening macroeconomic environment has the potential to heighten risk exposures and pressure investment performance, the report stated. It also identified challenges such as persistent depreciation of the nation\u2019s Naira, and high inflationary trends would make holding investments in local currency unattractive and impact on the positive returns to unitholders.<\/p>\n<p>Commenting, Mrs. Oluwayemisi Ogunmola, Managing Director of EDC Fund Management Limited, expressed excitement over the positive rating after holistic assessment of its operations by the globally recognized credit rating agency. She restated EDC\u2019s commitment to ensure the Fund becomes the most preferred investment channel in the industry.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>\u201cThis positive rating attest to the structures we have in place. Our remarkable performance in all the key rating indices shows that we are on the right path. We will continue to adhere to stipulated guidelines and regulatory requirements, settle redemption requests within 24-48 hours and make positive returns to unitholders despite the current harsh operating environment.\u201d She stated.<\/p>\n<p>EDC Fund Management Limited (\u2018EDC FML\u2019 or \u2018the Manager\u2019) is the investment management subsidiary of \u00a0Ecobank Development Corporation. The Manager was established in 2012 and licensed by the Securities &amp; Exchange Commission (SEC) to carry out fund and portfolio management activities in Nigeria. EDC FML provides a broad range of advisory services including privatisation, mergers and acquisitions, structured trade financing, underwriting and syndication to sectors such as telecommunications, mining, transportation, power, oil and gas, construction and manufacturing.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Pan- African credit rating agency, Agusto &#038; Co has upgraded the rating of EDC Nigeria Money Market Fund (\u2018EDC MMF\u2019 or \u2018the Fund\u2019) to A(f).<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":62987,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[8495,9994],"coauthors":[2391],"class_list":["post-66391","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-ecobank-nigeria-plc","tag-edc-nigeria-money-market-fund"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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