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Rating Action:

MOODY'S ASSIGNS Aaa/MR2 and Aaa/MR4 TO 4 SUB FUNDS OF THE SWISSCA INVEST FUND UMBRELLA AND MODIFIES THE MARKET RISK RATINGS OF TWO OTHER SUB FUNDS

05 May 1999
MOODY'S ASSIGNS Aaa/MR2 and Aaa/MR4 TO 4 SUB FUNDS OF THE SWISSCA INVEST FUND UMBRELLA AND MODIFIES THE MARKET RISK RATINGS OF TWO OTHER SUB FUNDS Moody's Investors Service assigned Aaa ratings to 4 sub funds of the Swissca Bond Invest Fund umbrella (the Fund). The 4 Aaa rated sub funds are :

Swissca Bond Invest Medium Term Euro,Swissca Bond Invest Medium Term USD,Swissca Bond Invest Medium Term CHF, and Swissca Bond Invest International.

The Fund is a Luxembourg-based, open-ended umbrella fund (FCP). Each sub fund is managed as a separate entity and, as such, carries an individual Moody's rating. All sub funds 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, Bern. Swissca Holding AG is owned by the Swiss Cantonal Banks. The Fund is distributed by the Swiss Cantonal Banks and the Fund's administrator and custodian is Banque et Caisse d'Epargne de l'Etat de Luxembourg. 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 Fund's assets.

Moody's said that the ratings reflect the fund advisor's focus on investment quality, including the Fund's ability to provide a high level of liquidity to meet redemption needs. The four sub funds' assets are invested while respecting the principles of risk diversification in various long-term fixed and variable interest rate instruments issued by highly rated public and private entities. The sub funds do not engage in securities lending and repurchase agreement activities. Besides citing Swissca's well-developed trading, audit and compliance systems, Moody's noted that Swissca is an experienced asset manager. The three Swissca Bond Invest Medium Term sub funds will only invest in the relevant sub fund's currency, thereby eliminating foreign exchange risk. This rule does not apply for the Swissca Bond Invest International sub fund which may invest in CHF (accounting currency of the sub fund) and in other currencies. The Swissca Bond Invest sub fund may use derivatives (such as futures, options and swaps). Moody's bond fund ratings are opinions of the investment quality of shares in mutual funds which principally invest in long-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. Bond funds rated Aaa are judged to be of an investment quality similar to Aaa-rated fixed income obligations, that is, they are judged to be of the best quality by all standards.

The MR2 market risk rating assigned to the three Swissca Bond Invest Medium Term sub funds is based on the sub funds' moderate sensitivity to changing interest rates and other market conditions. The MR4 market risk rating assigned to the Swissca Bond Invest International sub fund is based on the sub fund's high sensitivity to changing interest rates and other market conditions and reflects the foreign exchange risk. In addition, Moody's modifies the market risk ratings assigned to two other sub funds : Swissca Bond Invest Swiss Franc and Swissca Bond Invest Sterling where the market risk ratings change to MR3 from MR2 and MR4 respectively. These sub funds do not take any foreign exchange risk and are medium to long term orientated.

Moody's market risk ratings complement the credit rating by providing investors with an indicator of a fund's potential for loss and the relative volatility of the net asset value. The rating is based on Moody's in-depth analysis of qualitative and quantitative factors including a fund's long term investment goals, interest rate- and foreign exchange risk, prepayment and extension risk, concentration, liquidity and derivative's risk as well as credit risk.

Moody's market risk ratings use a five-tiered numerical scale. Funds with the least sensitivity to market changes will receive an MR1, whilst the most sensitive funds will be rated MR5.

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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