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Fund Credit Quality Rating On Perennial Cash Enhanced Fund Withdrawn

16 Sep 2010
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Standard & Poor’s Ratings Services announced today that it has withdrawn its ‘AAf’ fund credit quality rating on the Perennial Cash Enhanced Fund. The rating has been withdrawn at the request of the manager, Perennial Investment Partners Ltd. At the time of the withdrawal the fund was rated ‘AAf’.

Rating Definition: Fund Credit Quality Ratings

Fund credit quality ratings, identified by the ‘f’ subscript, are assigned to fixed-income funds and other actively managed funds that exhibit variable net asset values. These ratings are current assessments of the overall credit quality of a fund’s portfolio. The ratings reflect the level of protection against losses from credit defaults and are based on an analysis of the credit quality of the portfolio investments and the likelihood of counterparty defaults. Fund credit quality ratings are identified by the ‘f’ subscript to distinguish the fund credit quality rating from a Standard & Poor’s traditional issue or issuer credit rating. A fund credit quality rating is not a recommendation to buy, sell or hold the shares of a fund. A ‘AAAf’ rating indicates that the fund’s portfolio holdings provide extremely strong protection against losses from credit defaults. A ‘AAf’ rating indicates that the fund’s portfolio holdings provide very strong protection against losses from credit defaults. An ‘Af’ rating indicates that the fund’s portfolio holdings provide strong protection against losses from credit defaults.

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