Creditreform Rating has confirmed the rating of the SANAD Fund Notes - Tranche 1 with ISIN XS1333210042 issued by SANAD Fund for MSME S.A. SICAV-SIF (Debt Sub-Fund) at A. The outlook is stable.
The currently prevailing liability structure had a positive effect on the rating. The rating is affected by the general asset-liability risk within the structure, the indirect currency risks at the borrower or end-borrower level, the general market risks in the microfinance business in general, and specifically in the target region and the very broad investment criteria.
Against this background, it should be noted that the future performance of assets may differ from the assumptions made. In addition, future changes in the liability structure and portfolio development may influence the rating.