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.