Fitch Downgrades Lombard Odier CHF Money Fund to 'AAmmf'; Affirms USD and EUR Funds at 'AAAmmf'

April 14, 2015 5:57 PM

64 0

(The following statement was released by the rating agency) PARIS/LONDON, April 14 (Fitch) Fitch Ratings has downgraded and simultaneously withdrawn the rating of a Swiss-franc-denominated (CHF) money market fund managed by Lombard Odier Investment Managers (Lombard Odier IM), and affirmed two others as follows: LO Funds (CH) - Money Market (CHF) (LOIMCHF) downgraded to 'AAmmf' from 'AAAmmf'; rating withdrawn LO Funds (CH) - Money Market (USD) (LOIMUSD) affirmed at 'AAAmmf' LO Funds (CH) - Money Market (EUR) (LOIMEUR) affirmed at 'AAAmmf' The downgrade of the Swiss franc fund, LOIMCHF reflects the fund's increased counterparty exposure to its custodian bank, Banque Lombard Odier & Cie SA (AA-/Stable/F1+) in excess of Fitch's criteria.

Fitch is withdrawing the rating of LOIMCHF as Lombard Odier IM has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the rating. Accordingly, Fitch will no longer provide ratings (or analytical coverage) on LOIMCHF, but will c...

Read more

To category page