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Rating Action:

MOODY'S ATTRIBUE LES NOTATIONS Aaa/MR2 et Aaa/MR4 A 4 SOUS-FONDS DU FONDS SWISSCA BOND INVEST ET MOFIFIE LES RISQUES DE MARCHE DE DEUX AUTRES SOUS-FONDS

05 May 1999
MOODY'S ATTRIBUE LES NOTATIONS Aaa/MR2 et Aaa/MR4 A 4 SOUS-FONDS DU FONDS SWISSCA BOND INVEST ET MOFIFIE LES RISQUES DE MARCHE DE DEUX AUTRES SOUS-FONDS Moody's Investors Service a attribu‚ la notation Aaa … 4 sous-fonds de l'umbrella Swiscca Bond Invest (ci-aprŠs Le Fonds). Les 4 sous-fonds not‚s Aaa sont :

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

Le Fonds est un FCP umbrella domicili‚ au Luxembourg. Chaque sous-fonds est g‚r‚ comme une entit‚ ind‚pendante et re‡oit donc une notation individuelle de la part de Moody's. Les sous-fonds sont g‚r‚s par Swissca Asset Management (Jersey) Ltd qui est elle-mˆme conseill‚e par Swissca Securities Limited, London. Ces deux entit‚s sont entiŠrement d‚tenues par Swissca Holding AG, Bern. Swissca Holding AG appartient, quant … elle, aux Banques Cantonales Suisses. Le Fonds, qui s'adresse aux particuliers, est distribu‚ par les Banques Cantonales Suisses et le d‚positaire est Banque et Caisse d'Epargne de l'Etat de Luxembourg. Le Fonds propose aux investisseurs une s‚rie de sous-fonds libell‚s en plusieurs devises dont le but est d'atteindre un rendement maximal tout en maintenant la s‚curit‚ des actifs. Selon Moody's, ces notes reflŠtent la qualit‚ d'investissement qui tient compte de la capacit‚ du fonds … assurer un niveau de liquidit‚ ‚lev‚ afin de faire face aux rachats. Dans le but de respecter les principes de diversification du risque, les actifs des quatre sous-fonds sont investis … long terme dans divers instruments … taux fixe et variable ‚mis par des entit‚s priv‚es et publiques dont les notations sont ‚lev‚es. Les sous-fonds ne s'engagent ni dans des activit‚s de prˆts de titres ni de pension livr‚e. Outre le fait que Swissca possŠde des systŠmes de transactions, d'audit et de contr“le l‚gal bien d‚velopp‚s, Moody's souligne qu'en tant que soci‚t‚ de gestion Swissca b‚n‚ficie d'une solide exp‚rience. Les trois sous-fonds Swissca Bond Invest Medium Term n'investiront que dans la devise comptable du sous-fonds en question, ‚liminant ainsi le risque de change. En revanche, le sous-fonds Swissca Bond Invest International pourra investir en Francs suisses (la devise comptable de ce sous-fonds) et dans d'autres devises. Le sous-fonds Swissca Bond Invest International peut utiliser les produits d‚riv‚s (comme les futures, options, swaps).

Les notations Moody's des OPCVM obligataires sont des opinions sur la qualit‚ d'un placement dans des parts d'OPCVM qui investissent principalement dans des titres de cr‚ances … long terme. Ces notations n'ont pas pour objectif d'analyser la performance future d'un fonds en ce qui concerne la volatilit‚ de la valeur liquidative ou le taux de rendement actuariel. Les fonds obligataires not‚s Aaa sont jug‚s comme ‚tant d'une qualit‚ d'investissement similaire … celle des ‚missions obligataires not‚es Aaa, ce qui signifie qu'ils sont consid‚r‚s comme ‚tant de la meilleure qualit‚.

La notation du risque de march‚ MR2 qui a ‚t‚ attribu‚e aux trois sous-fonds Swissca Bond Invest Medium Term d‚note une faible sensibilit‚ de ces sous-fonds aux fluctuations des taux d'int‚rˆt et aux autres conditions du march‚. La notation MR4 attribu‚e au sous-fonds Swissca Bond Invest International d‚note, quant … elle, une grande sensibilit‚ du sous-fonds aux fluctuations des taux d'int‚rˆt et aux autres conditions du march‚ et prend en compte le risque de change. Par ailleurs, Moody's modifie les notations de risque de march‚ de deux autres sous-fonds : Swissca Bond Invest Swiss Franc et Swissca Bond Invest Sterling qui passent respectivement de la notation MR2 et MR4 … la notation MR3. Ces sous-fonds ne prennent pas de risque de change et ont une orientation obligataire … moyen et long terme.

Dans le but de mieux informer les investisseurs, Moody's attribue d‚sormais une note ‚valuant le risque de march‚ ce qui fournit des indications sur le degr‚ de volatilit‚ de la valeur liquidative et sur les pertes potentielles d'un OPCVM. Pour cela, les analystes de Moody's s'appuient sur des facteurs, … la fois qualitatifs et quantitatifs, qui tiennent compte des objectifs d'investissement … long terme affich‚s par le fonds, de l'exposition au risque de change et au risque de taux d'int‚rˆts, des risques de remboursement anticip‚ et de propagation, des risques de liquidit‚, de concentration, de cr‚dit ainsi que du risque li‚ … l'utilisation des produits d‚riv‚s.

La notation du risque de march‚ propos‚e par Moody's se fait … partir d'une ‚chelle num‚rique comprenant cinq niveaux. Les fonds, dont la sensibilit‚ aux fluctuations des taux d'int‚rˆts et aux autres contraintes de march‚ est faible, sont not‚s MR1. A l'inverse, les fonds qui sont trŠs sensibles aux changements des conditions de march‚ sont not‚s 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.

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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.

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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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