Current Unit Price: (20 min. delayed price) ASX:MXT $1.99 -0.75%
NAV as at COB: 22.10.20 $2.0076
Current Unit Price: (20 min. delayed price) ASX:MOT $1.94 0.78%
NAV as at COB: 22.10.20 $2.0266

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Metrics Credit Partners Diversified Australian Senior Loan Fund upgraded to ‘A-’ by S&P

1 April 2020

S&P Global Ratings announced yesterday that it had increased its rating of Metrics Credit Partners Diversified Australian Senior Loan Fund (DASLF) from BBB+ to A-, with a stable outlook.

Approximately 60% of capital invested in the ASX-listed MCP Master Income Trust (ASX: MXT) is invested into the unlisted DASLF.

S&P also reaffirmed its short-term issuer credit rating of DASLF at A-2 due to the funds’ “very strong risk-adjusted leverage and low under-lying credit risk profile relative to peers and solid franchise among target investors”.

The global rating house said despite the current market dislocation “we expect that DASLF will continue to grow and diversify across both the number of underlying investments and the number of investors”.

S&P said: “We consider that DASLF’s exposure to credit risk is low, relative to most of its rated peers. Since inception in June 2013, the fund has not experienced any material impairments in its portfolio, demonstrating sound underwriting across a portfolio that has lower underlying credit risk than its rated peers.

“MCP combines bottom-up fundamental credit analysis that utilises the framework of S&P Global Ratings Corporate Ratings Methodology with a top-down approach to identify the major corporate participants in each industry sector to construct the portfolio.”

As of 30 March, DASLF was invested in a diversified portfolio of Australian corporate loans to Australian public and private companies as well as projects. The fund follows a ‘buy and hold’ philosophy. The fund does not intend to invest in nonperforming, distressed, or structured credit assets and has no derivative, hybrid or public bond exposures.

“In our view, DASLF holds a unique position as the only fund in the market offering investors the ability to invest in Australian corporate debt a cross the credit spectrum, and further provides a distinctive investment option for those seeking higher yields. It would take a competitor several years to establish a fund that could compete directly with DASLF. MCP originates assets directly with target corporate borrowers or via the syndicated loan market,” S&P reported.

Andrew Lockhart, Managing Partner of Metrics Credit Partners (Metrics), welcomed the increased rating and said Metrics continued to enjoy a strong pipeline of lending opportunities.

He added that Metrics’ MXT and MCP Income Opportunities Trust (ASX: MOT) funds continued to pay consistent regular income for investors.

S&P noted DASLF had posted strong net returns since inception, averaging 310 basis points (bps) over the Reserve Bank of Australia cash rate, up from 303 bps one year earlier.

Current Unit Price: (20 min. delayed price) ASX:MXT $1.99 -0.75%
NAV as at COB: 22.10.20 $2.0076
Current Unit Price: (20 min. delayed price) ASX:MOT $1.94 0.78%
NAV as at COB: 22.10.20 $2.0266

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Disclaimer and disclosure

All website content in respect of the MCP Master Income Trust ARSN 620 465 090 (the Trust) is issued by The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) as responsible entity of the Trust and is prepared by Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics) as the investment manager of the Trust.

The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Trust, you should consider the current product disclosure statement (PDS) of the Trust and the Trust’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au/, and assess whether the Trust is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.

Neither Perpetual nor Metrics guarantees repayment of capital or any particular rate of return from the Trust. Neither Perpetual nor Metrics gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Metrics as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

Cororate Governance
Personal Trading in Non-Perpetual Securities | RE Services Personal Trading in Non-Perpetual Securities | Unitholders Communications Policy | Continuous Disclosure Policy

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned May/2019) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines

Disclaimer and disclosure

All website content in respect of the MCP Income Opportunities Trust ARSN 631 320 628 (the Trust) is issued by The Trust Company (RE Services) Limited ABN 45 003 278 831 AFSL 235 150 (Perpetual) as responsible entity of the Trust and is prepared by Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics) as the investment manager of the Trust.

The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Trust, you should consider the current product disclosure statement (PDS) of the Trust, and the Trust’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au, and assess whether the Trust is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.

Neither Perpetual nor Metrics guarantees repayment of capital or any particular rate of return from the Trust. Neither Perpetual nor Metrics gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Metrics as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

Cororate Governance
Personal Trading in Non-Perpetual Securities | RE Services Personal Trading in Non-Perpetual Securities | Unitholders Communications Policy | Continuous Disclosure Policy

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned May/2019) referred to in this document is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines

Disclaimer and disclosure

All website content in respect of the Metrics Direct Income Fund ARSN 641 620 331 (the Fund) is issued by Evolution Trustees Limited ACN 611 839 519 AFSL 486 217 (Evolution) as responsible entity of the Fund. Metrics Credit Partners Pty Ltd ABN 27 150 646 996 AFSL 416 146 (Metrics) is the investment manager of the Fund.

The information provided in this website is of a general nature only and has been prepared without taking into account your objectives, financial situation or needs. Before making an investment decision in respect of the Fund, you should consider the current product disclosure statement (PDS) of the Fund which is available at www.metrics.com.au, and assess whether the Fund is appropriate given your objectives, financial situation or needs. If you require advice that takes into account your personal circumstances, you should consult a licensed or authorised financial adviser.

Neither Evolution nor Metrics guarantees repayment of capital or any particular rate of return from the Fund. Neither Evolution nor Metrics gives any representation or warranty as to the currency, reliability, completeness or accuracy of the information contained in this website. All opinions and estimates included in this website constitute judgments of Metrics as at the date of website creation and are subject to change without notice. Past performance is not a reliable indicator of future performance.

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