The funds have a Triple A rating from Standard & Poor’s (AAAm) and Moodys’ (Aaa-mf). This is the highest rating that can be assigned to a product of this type and means that the sub funds are considered to offer the highest level of capital security and lowest level of interest rate sensitivity. An in-depth rating review is conducted annually, supplemented by ongoing monitoring and regular detailed reporting to the rating agency.
The evaluation of credit risk involves a number of different factors, including the credit quality of individual holdings, their maturity and the diversification of fund holdings. Taking these three factors into consideration, fund managers can construct portfolios to aim to preserve capital, protect income, and satisfy the strict criteria necessary to qualify for triple-A rating – specifically, AAA/V1+ with Fitch Ratings, AAAm with Standard & Poor's and Aaa/MR1+ with Moody’s Investor Service.