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Rabat – For the first time in Morocco, Standard & Poor’s Global (S&P Global) has awarded the double rating “Af/S+1”: Fund Credit Quality and Volatility to the FCP Upline Treasury, a Moroccan fund managed by Upline Capital Management (UCM), a subsidiary of the Banque Populaire Group. The rating attests that the fund is managed with the highest level of security.
The “S+1” rating reflects an extremely low level of sensitivity to market fluctuations. In this regard, S&P Global Ratings notes that “the S+1 rating means that the fund has extremely low sensitivity to changing market conditions and an aggregate level of risk that is less than or equal to that of a portfolio that comprises the highest quality fixed-income instruments with an average maturity of one year or less that are denominated in the fund’s base currency. As part of our volatility analysis, we assess the fund’s management, portfolio level risk, target durations, and comparable return strategies.”
The credit rating “Af,” on the other hand, indicates that the fund’s portfolio holdings provide strong protection against losses from credit defaults. It reflects S&P’s global fund rating credit scale, which means that it is comparable with other FCQ (Fund Risk and Morningstar) ratings assigned globally. This is in contrast to the local scale ratings commonly seen in the Moroccan fund market.
“This dual rating is a mark of confidence in the organization and management processes of UCM. It is also a new sign of commitment to the satisfaction and loyalty of Banque Populaire Group customers” stated Mohamed Karim Mounir, Managing Director of Upline Group.
Overseeing a total of 50 billion dirhams of assets at the end of 2016, UCM is the largest asset management arm of Banque Populaire Group. Its outstanding shares are concentrated on interest rate products (95%), of which 17% are in cash, with the remainder distributed between diversified funds and equities.
