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Cathay Bond Fund rating affirmed at 'twAA-f' - Taiwan Ratings


Published :
Fri, 26 Oct 2007 09:18
By : Agencies
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MUMBAI (Thomson Financial) - Taiwan Ratings Corp, a unit of Standard & Poor's, said it has affirmed its 'twAA-f' fixed-income fund rating on Cathay Bond Fund.

Cathay Bond Fund is managed by Cathay Securities Investment Trust Co Ltd (Cathay SITE).

The rating reflects the strong credit quality of the fund along with strong liquidity, with liquid assets accounting for 77 pct of total assets as of Sept 30, 2007.

The fund's corporate bond investments are mostly guaranteed by domestic financial institutions or issued by companies rated 'twA-' or above. The credit quality of the fund's time deposits and financial debentures range from satisfactory to strong, mostly rated 'twBBB+' or above.

Taiwan Ratings said it expects the fund to maintain high liquidity and a short maturity profile to meet the requirements for quasi-money market funds.

The ratings agency said that the strengths of the fund are partly offset by industry risks along with the high volatility in the fixed-income fund market in Taiwan.

TFN.newsdesk@thomson.com

man/vsh/man

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Copyright Thomson Financial News Limited 2007. All rights reserved.

The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.




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