MOODY'S ASSIGNS Aaa/MR1 RATINGS TO 3 SUB-FUNDS OF THE GLOBAL ENHANCED INCOME FUND SERIES
Moody's Investors Service has assigned Aaa/MR1 ratings to Global Enhanced Income Fund – U.S. Dollar Income Portfolio, Global Enhanced Income Fund – Euro Income Portfolio and Global Enhanced Income Fund – Pound Sterling Income Portfolio, which are part of the Global Enhanced Income Fund. The Global Enhanced Income Fund is a unit trust, which is authorized and regulated by the Central Bank of Ireland, and qualifies as UCITS.
Citigroup Asset Management Ltd. - a wholly owned subsidiary of Citigroup - advises these three sub-funds and is an experienced asset manager using well-developed portfolio management, trading, audit and compliance systems.
The credit ratings of the sub-funds reflect the advisor’s focus on investment quality, including the ability to provide a high level of liquidity to meet redemption needs.
The portfolios’ investment objective is to achieve high current income by investing primarily in short-term securities and fixed income debt securities denominated in any currency and seek to achieve a total return in excess of the 3-month U.S. / Euro / Sterling / LIBOR respectively. The sub-funds are fully hedged back into their denominated currency via the use of forward contracts and futures.
Each sub-fund seeks to limit volatility to no more than 2% annually and its average duration shall not exceed 24 months.
The Trustee of the Trust is PFPC Trustee & Custodial Services Ltd. and PFPC International Ltd. acts as administrator and transfer agent. In both cases, Moody’s notices the solid internal control environment as well as the high quality of the accounting, administration and custody services provided to the sub-funds.
Moody's bond fund credit ratings are opinions of the investment quality of shares in mutual funds, which principally invest in long-term fixed income bonds. Bond funds rated Aaa are judged to be of an investment quality similar to Aaa-rated fixed income bonds-that is, they are judged to be of the best quality.
In addition to a credit quality rating, Moody’s also assigns a market risk rating using a five-tiered numerical scale. Funds with the least sensitivity to market changes will receive an MR1 rating, whilst the most sensitive funds will be rated MR5.
MR1 ratings indicate the sub-funds’ very low sensitivity to changing interest rates and other market conditions.
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