July 24, 2014 / 3:36 PM / 4 years ago

Fitch Affirms & Withdraws ECM Asset Management Limited's 'High Standards' Asset Manager Rating

(The following statement was released by the rating agency) PARIS/LONDON, July 24 (Fitch) Fitch Ratings has affirmed ECM Asset Management Limited's Asset Manager Rating at 'High Standards' and simultaneously withdrawn the rating. KEY RATING DRIVERS The affirmation reflects the stability of ECM's staff, processes and systems and factors in the increased level of integration with the parent, Wells Fargo & Company (AA-/Stable/F1+). Fitch has chosen to withdraw the rating for commercial reasons, as ECM has chosen to stop participating in the rating process. Fitch will no longer provide ratings or analytical coverage for ECM. Fitch continues to rate the following funds managed by ECM: - Diversified European Credit S.A. - Diversified Financials Europe S.A. - European Credit Luxembourg S.A. - European Credit Fund SICAV - Elbe Sub Fund - Pan European Credit S.A. As of end-June 2014 ECM had USD8.2bn in assets under management and employed 75 staff. Contact: Primary Analyst Manuel Arrive, CFA Senior Director +33 1 44 29 91 77 Fitch France S.A.S. 60 Rue Monceau Paris 75008 Secondary Analyst Alastair Sewell Senior Director +44 20 3530 1147 Committee Chairperson Ralph Aurora Senior Director +1 212 908 0528 Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153, Email: elaine.bailey@fitchratings.com. Additional information is available at www.fitchratings.com. The sources of information used to assess this rating were the public domain and ECM. Applicable criteria 'Asset Manager Rating Criteria' dated 6 May 2014 are available at www.fitchratings.com. Applicable Criteria and Related Research: Asset Manager Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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