Moody’s Investors Service (“Moody’s”) has assigned a bond fund rating of A-bf to Credit Suisse Supply Chain Finance Investment Grade Fund (the “Fund”), an open-ended alternative investment fund domiciled in Liechtenstein and managed by Credit Suisse Asset Management (Schweiz) AG (Credit Suisse Asset Management (Switzerland) Ltd.).
The Fund’s primary investment objective is to generate steady and uncorrelated returns by investing in a portfolio of buyer-confirmed trade receivable notes, buyer payment undertakings, supplier payment undertakings, and account receivables mainly from investment grade obligors.
The Fund invests in investment grade trade receivables that are rated at least A3 or insured by insurance companies rated at least A3 and have a short maturity profile, with a maximum weighted average maturity of 270 days. The A-bf rating, is based both on the credit rating of the investment grade receivables and on the Insurance Financial Strength of the insurance companies that provide trade credit insurance policies.
The Fund is advised by Credit Suisse Asset Management (Schweiz) AG (Credit Suisse Asset Management (Switzerland) Ltd.), a bank owned Swiss active asset manager with CHF 414 billion of assets under management. The assets held by the Fund are originated and structured by Greensill Capital, a supply chain finance specialist for investment and non-investment grade companies globally. It is in charge of originating, structuring and execution of supply chain finance programmes.
The methodology used in this rating/analysis was Moody’s Bond Fund Rating Methodology published in May 2013. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.
For more, see the full press release from Moody’s Investors Service.