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03 Dec 2007
Moody's assigns Aaa/MR2 rating to Morley Liquidity Funds, Plc -- Sterling Liquidity Enhanced Fund
London, 03 December 2007 -- Moody's Investors Service has assigned an Aaa bond fund credit rating
and MR2 market risk rating to Morley Liquidity Funds, Plc --
Sterling Liquidity Enhanced Fund ("the Fund"). The credit rating
reflects the high credit quality of the portfolio, together with
Morley Fund Management Limited's consistent and iterative investment
process and sound compliance and risk management structure while the market
risk rating reflects the Fund's low sensitivity to changing interest rates
and other market conditions.
The objective of the Fund is to provide investors with an investment return,
benchmarked against the 7-Day LIBID rate, with a low level
of volatility while maintaining liquidity. The Fund aims to achieve
this objective by investing in a diversified portfolio of Sterling-denominated
short-term debt and debt-related instruments. These
investments include fixed or floating rate instruments including certificates
of deposit, commercial paper, floating rate notes, freely
transferable promissory notes, debentures, asset-backed
securities and bonds. In line with Moody's guidelines for a Aaa
bond fund credit rating, the Fund will only invest in debt instruments
with ratings of at least P-1/A2 or equivalent and the weighted
average expected loss of the Fund will be equal to or lower than that
of an Aaa-rated, 3-year security. The Fund's
bond fund credit rating is further supported by the fact that a credit
analyst with experience in the analysis of asset-backed securities
performs credit risk analysis and monitoring of the asset-backed
securities in which the Fund invests.
The Fund's MR2 market risk rating incorporates a range of factors affecting
the expected volatility of its net asset value. Although the maximum
final maturity for fixed rate securities is up to 10 years, the
Fund will have a duration of no more than 365 days while on average the
target weighted average maturity of the Fund will be between 40 and 60
days. Thus, the Fund benefits from a limited sensitivity
to interest rates as it maintains a very short weighted average maturity.
In addition, the Fund is not exposed to currency or derivative risks.
The Fund, however, expects to achieve its performance target
through an allocation to longer-dated floating rate notes,
largely consisting of asset backed securities, thereby exposing
the Fund to prepayment and extension risk and spread duration risk and
increasing the likely volatility of the Fund's net asset value.
The Fund's liquidity is adequate, given its T+3 settlement
period and stable shareholder base.
The Fund is a sub-fund of Morley Liquidity Funds, plc,
an open-ended umbrella investment company established in Dublin,
which operates in accordance with the UCITS III Directive. Morley
Fund Management currently manages GBP16 billion in cash strategies
and has over GBP3billion in the existing Sterling Liquidity Fund.
The new Sterling Liquidity Enhanced Fund, expected to reach GBP2
billion by the end of the year, will be managed by the Money Markets
Team at Morley Fund Management Limited, a member of Aviva plc.
The administrator is PFPC International Limited and the custodian is PFPC
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. 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. Moody's fund Market Risk (MR) rating
is an opinion of the relative degree of volatility of a fund's net asset
value (NAV). In forming an opinion on the fund's future price volatility,
Moody's analysts consider risk elements that may have an effect on a fund's
net asset value such as: interest rate risk, prepayment and
extension risk, liquidity and concentration risks, currency
risk, and derivatives risk. The rating is not intended to
consider prospective performance of a fund with respect to price appreciation
or yield. Funds rated MR2 are judged to have low sensitivity to
changing interest rates and other market conditions.
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
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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