Fitch Ratings has downgraded LIC Liquid Fund's bond fund credit rating to 'AA(ind)' from 'AA+(ind)'. The downgrade of LIC Liquid Fund's rating reflects the deterioration in the credit quality of the fund's portfolio. The fund is relatively diversified across industry sectors but exhibits some concentration in 'F1' rated securities (or equivalent). Fitch also took into account investment practices and management controls relating to credit quality in the asset management company when assessing the rating.
As of 30 November 2008, 33% of the portfolio was invested in assets rated 'F1+(ind)'/'AAA(ind)' or equivalent, while the minimum credit rating of securities held was 'A+', or equivalent. Fitch also notes that the portfolio management team intends to at least maintain the fund's credit quality.
As of 30 November 2008, 33% of the portfolio was invested in assets rated 'F1+(ind)'/'AAA(ind)' or equivalent, while the minimum credit rating of securities held was 'A+', or equivalent. Fitch also notes that the portfolio management team intends to at least maintain the fund's credit quality.
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