HONG KONG, March 20 (Bernama-BUSINESS WIRE)– On March 11th 2020, one of the Big Three credit rating agencies, Fitch Ratings (“Fitch”), has assigned a first-time Fund Credit Quality Rating of ‘AAAf’, the highest rating within the rating agency, to CSOP US Dollar Money Market ETF (stock code: 9096.HK), which is managed by CSOP Asset Management Limited (“CSOP”). It is also the first Hong Kong listed ETF that has received the rating from Fitch in HK. As the first USD Money Market ETF in Hong Kong investing in USD denominated deposits and deposit certificates issued by high rating financial institutions, 9096.HK was listed on May 8th 2019, and has already achieved total return of 2.08% with USD 104.5 million under management as of Jan 31st 2020. With listed share class and unlisted share class, 9096.HK provides investors with a flexible and efficient cash management tool to sail through the turbulent market.
The AAAf assigned by Fitch indicates the underlying assets of 9096.HK have high credit quality, low interest rate-risk and low quality spread—9096.HK predominately invests in time deposits. About 90% of the counterparties were rated in the ‘A’ category at end of February 2020. The fund’s exposure to interest-rate and spread risk is low given its short maturity profile.
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