ICRA Lanka Withdraws Rating of SENFIN Dynamic Income Fund

InstrumentCurrent Rated Amount (LKR Mn) Rating Action
Issuer rating         N/A [SL] Amfs; Withdrawn

Rating action

ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the credit risk rating of [SL]Amfs (pronounced as Sri Lanka A mutual fund scheme) of SENFIN Dynamic Income Fund (SENFIN Dynamic Fund or “Fund”) which is managed by SENFIN Asset Management (Pvt) Ltd (the asset management company).  The withdrawal is as a result of termination of rating agreement(s) entered into by SENFIN Asset Management (Pvt) Ltd with ICRA Lanka, pursuant to the decision by ICRA Lanka to cease its business operations in Sri Lanka.

The termination of the rating agreement(s) is as per Rule 88(b) of the Credit Rating Agency Rules promulgated under the Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021 (the “SEC Act”).

About the Company

SENFIN Asset Management (Pvt) Ltd

SENFIN Asset Management (Pvt) Ltd was incorporated in 2010, and operates as a Unit Trust Fund Manager which is licensed and regulated by the Securities and Exchange Commission of Sri Lanka (SEC).  SENFIN Asset Management (Pvt) Ltd acts as the investment manager to the SENFIN Fund.

SENFIN Dynamic Income Fund

SENFIN Dynamic Income Fund is a fixed income fund approved by the Securities and Exchange Commission of Sri Lanka (SEC). The Fund was launched in February 2021. The fund invests in Treasury securities, corporate bonds, debentures, commercial papers, asset backed trust certificates, repurchase agreements of both Government securities and Corporate Securities, Deposits in LCBs, LSBs or NBFIs, Other short-term and long-term fixed income securities issued by financial and non-financial entities, money market unit trust funds licensed by SEC, SL-REITS licensed by SEC, other fixed income investments approved by the Trustee and SEC from time to time. The overall objective of the Fund is to maximize returns through the active management of a portfolio of short- term and long-term fixed income securities. A secondary objective is to provide an annual dividend to unitholders.

Rating history for last three years:

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