Rating Release

Agusto & Co. hereby assigns a ‘BBB-(IM)’ rating to VNL Capital Asset Management Limited.

The rating expires on 26 August 2027

Agusto & Co. hereby assigns a ‘BBB-(IM)’ rating to VNL Capital Asset Management Limited (‘VNL CAM’ or ‘the Manager’). The rating reflects VNL CAM’s good board composition, experienced decision-making committees, good research output and well-documented investment guidelines. However, the rating is impaired by the lean structure of the enterprise risk management functions, inadequate segregation of duties in the combined control and audit roles and the Manager’s limited operational track record, with the tools and processes yet to be adequately tested.