Basis Yield Fund rating withdrawn
Standard & Poor’s has withdrawn its rating on Basis Capital’s Yield Fund as a result of the fund’s appointment of joint provisional liquidators.
The Yield Fund was placed ‘on hold’ by S&P on July 18 this year after the management of Basis Capital failed to provide S&P with a sufficient explanation of its June performance estimates and its subsequent suspension due to the inability to calculate a NAV (Net Asset Value).
S&P fund analyst David Erdonmez said the rating withdrawal followed the announcement this week that the master fund had been placed into liquidation, with Grant Thornton announced as joint provisional liquidators.
S&P’s ‘on hold’ rating of the Basis Aust Rim Opportunity Fund remains, pending the provision of additional information by the management of Basis Capital, he said.
“To date, management has not advised S&P on the positioning of this fund due to legal restrictions.”
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