PRESS DIGEST- British Business - June 29
June 29 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
Dec 7 - Standard & Poor's Ratings Services said today that it assigned its principal stability fund rating of 'AAAm' to MEAG Lakeside Re III (the fund). The fund has been created as a "Spezialfonds" (Special Fund) under German investment law as a vehicle dedicated exclusively to a single institutional investor. The 'AAAm' rating reflects our view that the fund has an extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. Based on our current understanding of the implementation of the investment policy and the asset managers' strategy, the fund should, in our view, maintain strong credit quality standards by investing exclusively in securities and counterparties rated at least 'A-1' by Standard & Poor's, or which we deem to be of equivalent credit quality. We understand that the fund will only invest in short-dated U.S. Treasury bills. We also understand that, consistent with our criteria, the asset manager is currently intending to maintain a weighted average maturity of 60 days or less to enhance the portfolios' liquidity and diminish sensitivity to changing interest rates. The fund management company MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH (not rated) is a subsidiary of Munich Reinsurance Co. (AA-/Stable/--) and ERGO Versicherungsgruppe AG (A/Stable/--). With approximately EUR226 billion in assets under management as of June 30, 2012, MEAG is one of Europe's leading asset managers. CACEIS Bank Deutschland GmbH, a wholly owned subsidiary of French bank CACEIS (A/Negative/A-1), provides custody services to the fund. We intend to review pertinent fund information and portfolio reports, which are to be supplied to us on a weekly basis as part of our surveillance process. A Standard & Poor's principal stability fund rating, also known as a money market fund rating, is a forward-looking opinion about a fixed income fund's capacity to maintain stable principal (net asset value). When assigning a principal stability rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments' maturity structure and management's ability and policies to maintain the fund's stable net asset value (NAV). Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating NAV. RELATED CRITERIA AND RESEARCH -- Methodology: Principal Stability Fund Ratings, June 8, 2011 -- Standard & Poor's Ratings Definitions, June 22, 2012 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
* Reports financial results for the period ended May 31, 2017