Rating Release

Agusto & Co. hereby affirms the A-(IM) rating assigned to Coronation Asset Management Limited

The rating expires on 31 December 2023.

Agusto & Co. hereby affirms the A-(IM) rating assigned to Coronation Asset Management Limited (“CAML” or “the Manager”). The rating is also upheld by the improvement in the Manager’s risk management monitoring system, qualified and experienced decision-making committees, a well-defined process for decision-making with multi-layered approvals and oversight and adequately documented manuals and policies.

However, the rating is constrained by familial board relationships and the very lean organisational structure characterised by significant exits and the absence of a risk management personnel. We have also taken into consideration the growing uncertainty in the macroeconomic environment, which has the potential to dampen investment performance and heighten business risks.