Moody’s has given an A-bf bond rating to GAM Greensill Supply Chain Finance Fund SCSp, an open-ended alternative investment fund domiciled in Luxembourg and managed by GAM (Luxembourg) SA. It is said by Greensill Capital to be the first fund of its kind.

The fund invests in a portfolio of “buyer-confirmed trade receivables” (ie, supply chain finance) with the underlying credit risk insured by insurance companies with Insurance Financial Strength rating of A2 or higher, Moody’s said in a statement.

The A-bf rating is higher than the weighted average credit quality of the trade receivables held by the fund and is based on the Insurance Financial Strength of the insurance companies that provide trade credit insurance policies.

As for the credit rating of the receivables, at the time of investment the obligor or, if unrated, its group parent must be rated at least Baa3 or have an internal Investment Grade rating from at least one insurance company.