Fitch Ratings gives SAIF the nod

Fitch Ratings

Fitch Ratings gives SAIF the nod

Fitch Ratings announced yesterday that they’ve downgraded ABSA Money Market Fund and placed six of the funds rated by them on Rating Watch Negative (RWN), due to their exposure to African Bank.

The funds that were placed on RWN are:

RWN funds

What does this mean?  The statement released by Fitch says “The RWN reflects both the realised write-down on African Bank debt instruments and the potential for further credit deterioration or negative effects on instrument prices. It also affords Fitch time to determine the most appropriate way to incorporate African Bank’s evolving credit risk profile into its rating analysis.”

SAIF’s RATING IS NOT AFFECTED

Fitch also stated that, due to the Sanlam Alternative Income Fund having no direct exposure to African Bank, the fund’s rating of ‘AA-(zaf)’/’V-NR(zaf)’ is not affected.

The National Fund Credit Ratings of the following funds, also rated by Fitch, have not been affected either:

Safe funds

Please comment below if you have any questions.

Shirley Rademeyer

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