ICRA Lanka Withdraws Rating of Softlogic Money Market Fund
|Instrument||Current Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL] Amfs; Withdrawn|
ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the credit risk rating of [SL]Amfs (pronounced as Sri Lanka A mutual fund scheme) of the Softlogic Money Market Fund (SLMMF or “Fund”) which is managed by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:
Subsidiary of ICRA Limited
CORPORATE OFFICELevel10, East Tower, World Trade Center, Colombo 01, Sri Lanka Tel:+94 11 4339907;Fax:+94112333307 Email:firstname.lastname@example.org; Website:www.icralanka.com
© Copyright, 2022 ICRA Lanka Limited. All Rights Reserved. Contents may be used freely with due acknowledgement to ICRA Lanka.
ICRA Lanka ratings should not be treated as recommendations to buy, sell or hold the rated debt instruments. ICRA Lanka ratings are subject to a process of surveillance, which may lead to revision in ratings. An ICRA Lanka rating is a symbolic indicator of ICRA Lanka’s current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the instrument rated. Please visit our website www.icralanka.com or contact ICRA Lanka’s office for the latest information on the outstanding ICRA Lanka ratings.
All information contained herein has been obtained by ICRA Lanka from sources believed by it to be accurate and reliable, including the rated issuer. ICRA Lanka however has not conducted any audit of the rated issuer or of the information provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is provided ‘as is’ without any warranty of any kind, and ICRA Lanka in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information.
ICRA Lanka does not take any responsibility for accuracy of material/documents prepared or published by other parties based on this document. All ICRA Lanka official rating rationales are prepared in English and external parties may present or publish translated versions of the same. Readers are henceforth advised to refer to the ICRA Lanka’s official rating rationale in the event of any inconsistency found in such documents.
ICRA Lanka or any of its group companies may have provided services other than rating to the issuer rated. All information contained herein must be construed solely as statements of opinion, and ICRA Lanka shall not be liable for any losses incurred by users from any use of this publication or its contents.