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  Media Release 

Mason Stevens Credit Fund rating of ‘BBB/YELLOW’ affirmed by Australia Ratings

Melbourne, 24 August 2015 – Australia Ratings has affirmed its credit rating of ‘BBB’ to the units issued by the Mason Stevens Credit Fund (the Fund). A rating of ‘BBB’ indicates that the Fund has a moderate degree of protection against loss from credit risk on the rating scale used by Australia Ratings for income funds. The rating primarily reflects the credit quality of the Fund’s investments as well as the experience and skill of the portfolio managers of Mason Stevens Asset Management Limited.
Mason Stevens Credit Fund was launched in 2013 and aims to generate a return of 3.5% above the Cash Rate by investing in securities that generate both income and yield. The units provide investors with a quarterly distribution of income and a return of principal via a redemption request.
Australia Ratings analyst Renee Corcoran said “investors in the Fund benefit from a diversified portfolio of debt securities across a range of maturities with the current portfolio being comprised of investment grade assets.” Corcoran also said “in the 12 months to 30 June, the Mason Stevens Credit Fund generated returns of 7.53%. During the year, the Fund increased its exposure to securities issued by Asian issuers. A majority of the Fund’s assets are held in Australian dollars and held across diversified assets classes including asset-backed, senior-unsecured floating rate notes, and tier 1 hybrids”.
Australia Ratings has also confirmed its Product Complexity Indicator of ‘YELLOW” to the Fund’s units to indicate that an investment in the units represents a complex of investment. The YELLOW indicator highlights two notable conditions. Firstly the Fund’s documentation allows for the use of derivatives and borrowing in the management of the Fund. Risk arising from the use of derivatives and borrowings will depend on the judgement of the Investment Manager. Secondly if redemptions are sought for over 20% of total units in any one month, the constitution of the Fund does permit redemptions to be spread over 3 months or in certain exceptional circumstances the Fund may defer redemption requests to manage its liquidity.




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