Fitch affirms Sanlam fund

Fitch Ratings said it has affirmed Sanlam Alternative Income Fund's national fund credit rating of AA- (zaf).

The rating is mainly based on an evaluation of the fund's average and lowest credit quality, as well as its investment management and operational set up, the agency said.

Currently, 81% of the fund holdings are rated AA- (zaf) or above and about 60% has a negative outlook, the agency said, adding that the remainder is rated between A- (zaf) and A+ (zaf).

Additionally, Fitch outlines that due to the limited number of financial institutions in South Africa, the fund's diversification is structurally constrained.

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