Rating Release

Agusto & Co. hereby assigns a BB+(IM) rating to PAC Asset Management Limited (“PACAM” or “the Manager”).

The rating expires on 2 June 2025.

Agusto & Co. hereby assigns a ‘BB+(IM)’ rating to PAC Asset Management Limited (“PACAM” or “the Manager”). The rating reflects PACAM’s experienced and qualified decision-making committees and good research capabilities. However, the rating is impaired by a very lean structure across the risk management, internal audit and internal control functions, frequent staff exits, sub-optimal board composition and the limited documentation of procedures to manage investments.