MOODY'S ASSIGNS Aa TO BOND FUND OF SWISSCA BOND INVEST ESP
London, 06-20-97 -- Moody's Investors Service has assigned Aaa ratings to 11 currency subfunds of the Swissca Bond Invest Fund umbrella (the Fund) and a Aa rating to one subfund. The 11 Aaa rated subfunds are;
Swissca Bond Invest USD,
Swissca Bond Invest CAD,
Swissca Bond Invest GBP,
Swissca Bond Invest XEU,
Swissca Bond Invest DEM,
Swissca Bond Invest NLG,
Swissca Bond Invest CHF,
Swissca Bond Invest FRF,
Swissca Bond Invest JPY,
Swissca Bond Invest ITL,
Swissca Bond Invest AUD.
The Aa rated subfund is Swissca Bond Invest ESP.
The Fund is a Luxembourg-based, open-ended umbrella fund. Each subfund is managed as a separate entity and, as such, carries an individual Moody's rating. All subfunds are managed by Swissca Asset Management (Jersey) Ltd who are advised by Swissca Securities Limited, London. Both entities are wholly-owned subsidiaries of Swissca Holding AG. Swissca Holding AG, is owned by the Swiss Cantonal banks. The Fund was formed to provide investors with a series of sub-funds denominated in various currencies that seek to achieve the highest possible yield, while maintaining principal security of the Funds' assets. The Fund is retail in nature and is distributed by the Swiss Cantonal banks.
Moody's said that the ratings reflect the fund advisor's focus on investment quality, including the Funds' ability to provide a high level of liquidity to meet redemption needs. Moody's noted that Swissca is an experienced asset manager. In addition, the strong control environment and oversight capabilities of Swissca , as well as the Funds' administrator and custodian, Banque et Caisse d'Epargne de L'Etat de Luxembourg, are factors contributing to the subfunds rating. There is no difference in management of the subfunds rated Aaa and Aa. The Swissca Bond Invest ESP subfund is mainly invested in Spanish Government securities (Aa2) and therefore obtains the rating of Aa. Investment of the subfunds assets are in highly rated securities. In addition, the funds will not invest in currencies other than the currency of the relevant subfund, thereby eliminating foreign exchange risk. This rule does not Apply for the Swissca Bond Invest CHF and XEU subfunds, where limited investments in other currencies may be made on a hedged or unhedged basis. The funds can use derivatives (such as futures, options and swaps) for hedging purposes.
Moody's bond fund ratings are opinions of the investment quality of shares in mutual funds which principally invest in short-term fixed income obligations. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield.
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