ICRA Lanka Ltd, a wholly owned subsidiary of ICRA Ltd - an associate of Moody's Investors Service, has assigned a credit risk rating of '[SL] AAAmf' to NDB Aviva Wealth Managements Eagle Gilt Edged Fund.
The rating indicates that the underlying portfolio has the lowest credit risk and the highest degree of safety from credit losses. This rating scale ranks the relative default risk associated with issuers/debt/schemes in Sri Lanka, which is a first in the growing Sri Lankan financial landscape, the agency said.
The Eagle Gilt Edged Fund is part of the "myeaglefunds" family of mutual funds, and is managed and marketed by NDB AVIVA Wealth Management. Launched in December 1997, the Eagle Gilt Edged Fund has a track record of 15 years and is focused on maximising returns from investments in government securities and government guaranteed securities. "The fund has been very popular with clients and has captured substantial amount of deposits which was around Rs 4,552 million as at December 2011," said Prabodha Samarasekera, CEO of NDB Aviva Wealth Management, according to the ICRA statement.
He said the fund was ideally suited for persons who would consider keeping their savings in bank savings accounts and did not like to take risks. Also, the fund pays out income to depositors quarterly, making it ideally suited for persons planning on having an attractive and regular retirement income.