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Rating Action:

Moody's assigns Aaa/MR1+ ratings to Daiwa Gaika MMF -- NZD Portfolio

10 May 2007
Moody's assigns Aaa/MR1+ ratings to Daiwa Gaika MMF -- NZD Portfolio

London, 10 May 2007 -- Moody's Investors Service has assigned a Aaa fund credit rating to Daiwa Gaika MMF -- NZD Portfolio ("the Fund"), reflecting the excellent credit quality of the fund portfolio, which invests in highly rated money market securities as well as the conservative investment practices of the investment manager, Daiwa Asset Management (Europe) Ltd. Moody's has also assigned an MR1+ market risk rating to the Fund, reflecting its extremely low sensitivity to changing interest rates and other market conditions.

The objective of the Fund is to preserve principal value and maintain a high degree of liquidity while providing current income. This Fund intends to achieve its objective by investing in a diversified portfolio of highly-rated money-market and fixed-income instruments with short-term residual maturities denominated in New Zealand dollars. These include certificates of deposit, term deposits, commercial paper, asset-backed commercial paper, short-term bonds and floating-rate notes. All debt instruments will have a rating of at least A2.

The Fund's market risk rating of MR1+ is driven by the Fund's very short duration of 60 days or fewer. The rating also takes into account the liquidity of the portfolio and the absence of currency and derivative risks as well as the Fund's additional aim of maintaining a constant net asset value of NZD0.01 per share.

The Fund is a sub-fund of the Daiwa Gaika MMF, a Dublin-domiciled umbrella unit trust organised under and complying with the Unit Trusts Act, 1990. The management company of the umbrella is Daiwa Europe Fund Managers (Ireland) Ltd. It has delegated the management of the Fund to Daiwa Asset Management (Europe) Ltd. but is responsible for the Fund administration.

Moody's money market and bond fund credit ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles, which principally invest in short-term and long-term fixed income obligations, respectively. The ratings are not intended to consider the prospective performance of a fund with respect to appreciation, volatility of net asset value, or yield. Money market funds rated Aaa are judged to be of an investment quality similar to a Aaa-rated 13 month security, that is, they are judged to be of the best quality.

Moody's Market Risk ratings are opinions of the relative degree of volatility of a rated fund's net asset value, with an emphasis on downside risk. The rating is not intended to consider prospective performance of a fund with respect to price appreciation or yield. Funds with the least sensitivity to market changes will receive an MR1 whilst the most sensitive funds will be rated MR5. A "+" modifier appended to the MR1 rating category denotes constant NAV money market funds and other qualifying funds.

London
Marina Cremonese
Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Kathryn Kerle
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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