The trust, which is managed by Legg Mason affiliate manager Western Asset Management, invests in government bonds, corporate bonds and fixed interest securities.
In its fund review, Lonsec noted that the Trust is a “quality risk-controlled Australian fixed interest product” that has “delivered impressively consistent returns”.
The report also notes that the “investment team is experienced, has been stable and is also able to draw upon Western Asset Management’s global resources to more effectively leverage its size”.
Legg Mason Australia head of sales Beau Titchkosky said the ratings upgrade was a recognition of Western Asset's "competitive strengths as a mainstream fixed income manager".
"We are receiving increased interest in the Western Asset story from clients, and we are pleased we are able to deliver a positive message with strong performance results," said Mr Titchkosky.
