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Moody's upgrades ALCB Fund
Moody's Investors Service said it upgraded the African Local Currency Bond Fund SA Sicav-RAIF's long-term foreign-currency issuer rating to Baa1 from Baa2.
“The main driver of today's action is the improvement in the fund's capital structure following its relocation to Luxembourg from Mauritius, which took place in April 2023,” Moody’s said in a press release.
“Moody's methodological principles consider the conversion to non-redeemable shares constitutes loss-absorbing capital equivalent to paid-in equity, whereas Moody's ascribed no equity content previously to the redeemable shares. This leads to a significant improvement in Moody's assessment of ALCB fund's capital adequacy,” the agency added.
The outlook remains stable.
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