AMUNDI Fitch Ratings has affirmed the following money market funds (MMFs) managed by Amundi Asset Management (Amundi AM) at 'AAAmmf'.
Amundi Euro Liquidity Short Term SRI
KEY RATING DRIVERS
The affirmation of the MMF Ratings is driven by the funds' high credit quality and diversification, high levels of daily and weekly liquid assets and low exposure to interest-rate and spread risks. The ratings also reflect the capabilities and resources of Amundi AM as investment manager.
CREDIT RISK
The funds' Portfolio Credit Factor (PCF), which is a risk-weighted measure that considers the credit quality and maturity profile of the portfolio securities, met Fitch's 'AAAmmf' rating criterion of 1.5 or less throughout the review period.
LIQUIDITY RISK
The funds had at least 10% of total assets in securities offering daily liquidity and at least 30% of total assets in securities providing weekly liquidity, consistent with the 'AAAmmf' rating range, throughout the review period.
MARKET RISK
The funds' weighted average maturity and weighted average life were below 60 days and 120 days (the 'AAAmmf' rating range), respectively, throughout the review period.
The funds proactively manage interest-rate risk by utilising interest rate swaps to hedge interest-rate risks inherent to other investments of the funds. The maximum aggregated risk exposure to interest rate swaps, based on mark-to-market exposure, was negligible during the review period. Counterparties were rated at least 'F1' or equivalent.
FUND PROFILE
Fitch considers the legal and regulatory framework of the funds satisfactory. Amundi Euro Liquidity Short Term SRI is a French mutual fund.
The funds have investment objectives and eligible instruments that are clearly defined and appropriate for their respective regulatory MMF category.
INVESTMENT MANAGER
Amundi Euro Liquidity Short Term SRI is managed by Amundi AM, the investment management division of
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive rating action/upgrade:
The ratings are at the highest on Fitch's scale and therefore cannot be upgraded.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Fitch's stress testing shows that the ratings are robust at their current levels. The ratings may be sensitive to material adverse changes in the credit quality, market risk or liquidity profile of the funds. A material adverse and sustained deviation from Fitch guidelines for any key rating drivers could cause the ratings to be downgraded.
RATING ACTIONS
Entity / Debt
Rating
Prior
Amundi Euro Liquidity Short Term SRI
MMF
AAAmmf
Affirmed
AAAmmf
MMF
AAAmmf
Affirmed
AAAmmf
Page
of 1
VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
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