ICRA Lanka Withdraws Rating of Softlogic Money Market 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Issuer rating         N/A [SL] Amfs; Withdrawn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ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the credit risk rating of [SL]Amfs (pronounced as Sri Lanka A mutual fund scheme) of the Softlogic Money Market Fund (SLMMF or “Fund”) which is managed by Softlogic Asset Management (Pvt) Ltd (the asset management company). The withdrawal is as a result of termination of rating agreement(s) entered into by Softlogic 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

Softlogic Asset Management (Pvt) Ltd

Softlogic Asset management (Pvt) Ltd operates as a Unit Trust Fund Manager which is licensed and regulated by the Securities and Exchange Commission of Sri Lanka (SEC). Softlogic Asset Management (Pvt) Ltd acts as the investment manager to the Softlogic Money Market Fund.

Softlogic Money Market Fund

Softlogic Fund is an open-ended unit trust Fund approved by the Securities and Exchange Commission of Sri Lanka (SEC). Softlogic Fund was launched in July 2020. The fund invests in Government treasury bills, bonds and other government securities, investment grade corporate debt securities such as debentures, commercial papers, securitization papers and repurchase agreements with maturities of less than one year which can be readily convertible to cash.

The overall objective of the Fund is to earn an optimal return of interest income while preserving investor capital and liquidity.

Rating history for last three years:

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