TCX Fund is very pleased to announce that it has been upgraded by S&P from from A- to A, with the short-term rating improving from A2 to A1.

The main reasons for the upgrade are the following:

  • The Fund’s strong liquidity and adequate capitalization, enabling  it to weather even extreme foreign exchange stress without impacting senior creditors.
  • The Fund’s usefulness to and support from its investors – with TCX now having a 10-year track record of sustainable growth and business development.
  • The further strengthening of the Fund’s risk and capital management capabilities.

Underlying the upgrade was an improvement in TCX’s Stand-Alone Credit Profile from BBB- to BBB. The 3-notch upgrade for sovereign support was maintained unchanged.

Please find the complete S&P research update here.