India Ratings and Research (Ind-Ra) has downgraded UTI Ultra Short Term Fund’s National Fund Credit Rating to ‘IND AAmfs’ from ‘IND AAAmfs’. The fund has also been placed on Rating Watch Negative (RWN), said a statement by the rating agency on Thursday.
The rating agency noted that the downgrade and RWN follows downward credit migration in one of the underlying investments of UTI Ultra Short Term Fund. The statement also said that Ind-Ra is closely monitoring the fund’s exposure to the ..