Moody’s has released its Credit Opinion for the first issue of RISC Managed Treasury Pool Notes providing information on its considerations and assessments leading to the provisional rating of (P)Aaa(sf).

Extract: In our credit analysis, we have considered
the credit quality of the assets in the issuer’s portfolio and the operational risks relating to
the manager and other transaction service providers.

The full report can be downloaded here and is accessible at www.moodys.com/research/doc–PBS_1359831 (registration may be required but is free of charge)