HONG KONG, Feb. 7, 2024 /PRNewswire/ -- Ping An of China Asset Management (Hong Kong) Company Limited ("PAAMC HK"), the offshore asset management arm of the Ping An Insurance (Group) Company of China, Ltd. ("Ping An") announces today that, on 7 February 2024, Lianhe Ratings Global Limited ("Lianhe Global") assigned 'AAAmf' money market fund ("MMF") rating[1] - the highest money market fund rating - to Ping An of China Select Investment Fund Series - Ping An Money Market Fund ("the Fund").
The Fund is a USD-denominated MMF, established in March 2021, domiciled in Hong Kong. The Fund's primary investment objective is to achieve a return in USD in line with prevailing money market rates by investing in short-term deposits and high quality money market instruments. As stated in the Lianhe Global's press release, the 'AAAmf' rating reflects the Fund's fairly strong ability to provide liquidity and preserve principal, supported by the fund's well managed asset quality, strong liquidity profile and low exposure to market risk.
The Fund's credit quality met Lianhe Global's criteria for 'AAAmf' rated MMFs, with asset-weighted average credit quality equivalent to a high-investment-grade international rating ('BBB+' or above), throughout the review period since January 2023. Concentration risk was also well managed; large exposures were only limited to strong credit quality assets.
In addition, the Fund had a strong liquidity profile, supported by sufficient daily and weekly liquidity to meet investors' fund flows. Its weighted average maturity and weighted average life were below 60 days and 120 days, respectively, which limited the Fund's exposure to market risk. Derivatives (if employed) is only for hedging purposes and PAAMC HK will hedge non USD-denominated investments into USD in order to manage any material currency risk.
"We are proud that our Ping An Money Market Fund has received an AAAmf rating -the highest money market fund rating - from Lianhe Global, as a result of the Fund's high asset quality, strong liquidity profile and low risk exposure. This rating achievement is also a testament to PAAMC HK's expertise in liquidity management and our ability to navigate market dynamics." said Mr. Armin Cheung, Managing Director of PAAMC HK, "We will remain committed to provide our clients with more first-class strategic investment solutions and liquidity management tools."
[1] Source: https://lhratingsglobal.com/ratings-actions/ |
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