NEWS


NANUK GLOBAL ALPHA FUND ASSIGNED A "STRONG" INVESTMENT RATING BY AUSTRALIA RATINGS
Saturday, October 28, 2017


Melbourne, 27 October 2017 – Australia Ratings has assigned a ‘STRONG’ investment rating to Nanuk Global Alpha Fund(the Fund).

A 'STRONG' investment rating indicates a strong conviction that the fund can deliver a risk adjusted return in line with manager’s objective; based on an investment rating scale used by Australia Ratings to indicate how well we believe a fund will perform against a range of risks.

Nanuk Global Alpha Fund, managed by Nanuk Asset Management, is a long-short global equity fund targeting absolute returns across market cycles with low net market exposure to major global markets. These returns are expected to achieve long term capital appreciation with reduced volatily returns and risk of capital loss.

The fund invests in listed companies involved in low carbon intensity energy sources and generation including wind, solar, hydroelectricity, geothermal, biomass- to-energy, waste-to-energy and bio-fuels as well as companies involved in transitional and enabling technologies.

The Nanuk Global Alpha Fund’s investment rating summary highlights:

  • The Fund provides Australian investors with an opportunity to capture absolute returns from companies that are focused on environmental and resource efficiency.
  • The Fund is run by a team of motivated portfolio managers with a strong input from an experienced board.
  • The investment philosophy, investment strategy, risk management and operational elements are well thought out and executed in a disciplined manner.
  • Recent performance has been disappointing from an absolute return perspective, but well within the parameters of its peer group (International Global Equity Market Neutral) – due to rapidly rising equity markets.
  • An investment in the Fund will benefit traditional portfolios. Besides this, the Fund should capture alpha over the long-term from the global transition to new technologies – such as electric vehicles.
  • The Fund’s diversification benefits cannot be overlooked.

Australia Ratings has also assigned its Product Complexity Indicator of ‘YELLOW’ indicating the fund as a Complex financial product. These types of funds are typically used to diversify portfolio risk or to provide superior returns to the underlying market.

A full rating report is available from www.australiaratings.com/.

FOR MORE INFORMATION CONTACT:

Daniel Liptak, Director daniel.liptak@australiaratings.com 03 8080 6684

 

About Australia Ratings’ Investment Rating
Our investment rating reflects Australia Ratings’ current opinion of a fund’s or an investment’s ability to achieve its stated investment objectives in the near term. The rating expresses a view on the expected consistency of the fund’s or investment’s performance within its peer or style group and on the fund manager’s ability to produce superior performance amongst its peers in the near term with due regard to the medium-term consensus view of the asset class to which the product is benchmarked.

A five-point scale is used to differentiate our opinion on how well we believe a fund will perform against a range of risks.


About the Product Complexity Indicator
Our proprietary colour-coded product complexity indicator (PCI) highlights the complexity level of an investment by its terms and conditions’ structure and transparency that may affect an investor’s return

ABOUT AUSTRALIA RATINGS
Australia Ratings is a local, independent rating agency that provides timely and credible ratings information and research to the broader investment community. As an ASIC-licensed rating agency, we provide general advice by issuing credit ratings on debt securities and companies; and fund ratings on Australian managed funds. We are Australia’s only agency that holds a retail Australian Financial Services Licence (AFSL). This enables both retail and wholesale investors to use our credit ratings to help them gauge credit risk and complexity of financial products sold in the Australian market.

Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk oversee the application of Australia ratings rating methodology and the integrity of the rating process.

NANUK NEW WORLD FUND ASSIGNED A 'STRONG' INVESTMENT RATING BY AUSTRALIA RATINGS
Friday, October 27, 2017


Melbourne, 27 October 2017 – Australia Ratings has assigned a ‘STRONG’ investment rating to Nanuk New World Fund (the Fund).

A STRONG investment rating indicates a strong conviction that the fund can deliver a risk adjusted return in line with manager’s objective; based on an investment rating scale used by Australia Ratings to indicate how well we believe a fund will perform against a range of risks.

Nanuk New World Fund, managed by Nanuk Asset Management - targets investment returns that exceed clients’ return and risk expectations over the longer term, with a view of outperforming its benchmark - FTSE EOAS index - net of fees.

The Fund invests in global companies involved in industries such as clean energy, energy efficiency, agriculture, water, waste management, recycling, pollution control and advanced manufacturing and materials; as well as those involved in transitional and enabling technologies.

The Nanuk New World Fund’s investment rating summary highlights:

  • The Fund enables Australian investors to capture returns from companies that are contributing towards greater environmental sustainability and resource efficiency.
  • The Fund is run by a team of motivated portfolio managers with a strong input from an experienced board.
  • The investment philosophy, investment strategy, risk management and operational elements are well thought out and executed in a disciplined manner.
  • The diversification benefits and additional returns of the fund cannot be overlooked.
  • An investment in the Fund will benefit traditional portfolios; and the Fund should benefit over the long term from the global transition to new technologies – such as electric vehicles.
  • Investors could allocate to the Fund from their international equities portfolio.
  • The currency exposure of the fund is usually unhedged and as such could create additional short term return volatility
  • Australia Ratings notes that the Investment Manager currently has A$42 million across two funds and therefore long-term success will hinge on the success of raising capital for both funds.

The Fund’s benchmark, the FTSE EOAS, has appreciably outperformed traditional global equity benchmarks for more than 15 years – clear evidence of the added value gained from investing in environmentally focused versus traditional listed global equities.

Australia Ratings has also assigned its Product Complexity Indicator of ‘BLUE’ indicating the fund as a 'Relatively Simple' financial product. These types of funds are still typically expected to move fairly closely in line with mainstream markets, however there may be periods where they outperform or underperform the benchmark index.

A full rating report is available from www.australiaratings.com/.

FOR MORE INFORMATION CONTACT:

Daniel Liptak, Director daniel.liptak@australiaratings.com 03 8080 6684

 

About Australia Ratings’ Investment Rating
Our investment rating reflects Australia Ratings’ current opinion of a fund’s or an investment’s ability to achieve its stated investment objectives in the near term. The rating expresses a view on the expected consistency of the fund’s or investment’s performance within its peer or style group and on the fund manager’s ability to produce superior performance amongst its peers in the near term with due regard to the medium-term consensus view of the asset class to which the product is benchmarked.

A five-point scale is used to differentiate our opinion on how well we believe a fund will perform against a range of risks.

 

About the Product Complexity Indicator
Our proprietary colour-coded product complexity indicator (PCI) highlights the complexity level of an investment by its terms and conditions’ structure and transparency that may affect an investor’s return.


ABOUT AUSTRALIA RATINGS

Australia Ratings is a local, independent rating agency that provides timely and credible ratings information and research to the broader investment community. As an ASIC-licensed rating agency, we provide general advice by issuing credit ratings on debt securities and companies; and fund ratings on Australian managed funds. We are Australia’s only agency that holds a retail Australian Financial Services Licence (AFSL). This enables both retail and wholesale investors to use our credit ratings to help them gauge credit risk and complexity of financial products sold in the Australian market.

Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk oversee the application of Australia ratings rating methodology and the integrity of the rating process.

K2 SELECT INTERNATIONAL FUND ASSIGNED 'VERY STRONG' INVESTMENT RATING BY AUSTRALIA RATINGS
Thursday, October 26, 2017


Melbourne, 26 October 2017 – Australia Ratings has assigned a ‘VERY STRONG’ investment rating to K2 Select International Fund (the Fund).

A VERY STRONG investment rating indicates a very strong conviction that the fund can deliver a risk adjusted return in line with the fund’s investment objective; based on an investment rating scale used by Australia Ratings to indicate how well we believe a fund will perform against a range of risks.

The K2 Select International Fund - managed by K2 Asset Management – invests in global listed equities where growth opportunities are deemed to exist, and to rapidly reduce equity market exposure when it is believed appropriate to preserve capital. The Fund aims to provide clients with consistent, absolute returns across the investment cycle with a focus on capital protection during periods of market declines.

Australia Ratings’ 'VERY STRONG' investment rating summary highlights the following:

  • The K2 Select International fund represents a sound opportunity for Australian investors to capture global equity returns, with a demonstrable limit of downside loss.
  • The Fund is run in a multi-portfolio manner, with no portfolio manager (PM) having an overtly strong impact on the fund’s long term performance.
  • The risk-management and investment processes are firm wide constructs that are enforced efficiently, effectively and in a disciplined manner.
  • Such combined characteristics significantly reduce key-man risk, providing significant support for our rating.
  • The Fund's strong performance relative to global equities and clear diversification benefits cannot be overlooked.

In the past five years the fund’s annual performance has averaged 12.6%. During the GFC (2008-09) the fund was down by 9% to 11% versus the broader market’s fall of 30% to 36%.

Australia Ratings has also assigned its Product Complexity Indicator of ‘YELLOW’ indicating the fund as a Complex financial product. These types of funds are typically used to diversify portfolio risk or to provide superior returns to the underlying market.

A full rating report is available from www.australiaratings.com/.

FOR MORE INFORMATION CONTACT:

 

Daniel Liptak, Director daniel.liptak@australiaratings.com 03 8080 6684

 

About Australia Ratings Investment Rating

Our investment rating reflects Australia Ratings’ current opinion of a fund’s or an investment’s ability to achieve its stated investment objectives in the near term. The rating expresses a view on the expected consistency of the fund’s or investment’s performance within its peer or style group and on the fund manager’s ability to produce superior performance amongst its peers in the near term with due regard to the medium-term consensus view of the asset class to which the product is benchmarked.

A five-point scale is used to differentiate our opinion on how well we believe a fund will perform against a range of risks. 


About the Product Complexity Indicator

Our proprietary colour-coded product complexity indicator (PCI) highlights the complexity level of an investment by its terms and conditions’ structure and transparency that may affect an investor’s return.

 

ABOUT AUSTRALIA RATINGS

Australia Ratings is a local, independent rating agency that provides timely and credible ratings information and research to the broader investment community. As an ASIC-licensed rating agency, we provide general advice by issuing credit ratings on debt securities and companies; and fund ratings on Australian managed funds. We are Australia’s only agency that holds a retail Australian Financial Services Licence (AFSL). This enables both retail and wholesale investors to use our credit ratings to help them gauge credit risk and complexity of financial products sold in the Australian market.

 

 

ARTESIAN CORPORATE BOND FUND ‘A-‘ CREDIT RATING WITHDRAWN
Friday, October 06, 2017


Melbourne, 6 October 2017 – Australia Ratings has withdrawn its ‘A-‘ credit rating to the Artesian Corporate Bond Fund (the Fund) Class A and B units.

Australia Ratings has also withdrawn its Product Complexity Indicator (PCI) of ‘BLUE’ to the Fund’s units, indicating that an investment in the Fund represents a relatively simple financial investment.

Artesian Corporate Bond Fund was established in 2017 and aims to generate a return of 2.75% above the RBA Cash Rate by investing in a diversified portfolio of floating and fixed rate Australian fixed income securities.  The units provide investors with a quarterly distribution of income.

For more information contact:

Chris Dalton, Managing Director
chris.dalton@australiaratings.com
0403 584 600
03 8080 6684

About Australia Ratings

Australia Ratings is Australia’s local credit rating agency with over 55 years of experience in assessing and rating credit risk. Australia Ratings was formed in 2010 following regulatory reforms to the operation of credit rating agencies in Australia. Australia Ratings Pty Limited holds Australia Financial Services License No. 346138.

Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings, whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk, oversee the application of Australia Ratings rating methodology and the integrity of the rating process.

ARVIX FUND ASSIGNED ‘STRONG’ INVESTMENT RATING BY AUSTRALIA RATINGS
Thursday, September 28, 2017


Melbourne, 28 September 2017 – Australia Ratings has assigned a ‘STRONG’ investment rating to Levitas Capital’s Absolute Return VIX (ARVIX) Fund ("the Fund").

A STRONG investment rating indicates a strong conviction that the fund can deliver a risk adjusted return in line with manager’s objective. This is based on an investment rating scale used by Australia Ratings to indicate how well we believe a fund will perform against a range of risks.

The ARVIX Fund, managed by Levitas Capital, is a quantitative, relative value, volatility fund targeting absolute returns throughout the market cycle. These returns are expected to have a very low or at times negative correlation to mainstream equity markets.

Australia Ratings’ analyst Maggie Callinan said “The ARVIX fund uses the highly liquid Chicago Board Option Exchange (CBOE) Volatility index (VIX) options and futures markets to capture the positive risk premium available from structurally expensive equity implied volatility markets. The objective for the capture of the risk premium is to produce high single digit returns in periods of low and average market volatility.” Ms Callinan also noted “the ARVIX fund is expected to produce high single digit annualised returns in periods of low volatility and 20-30% annualised returns during periods of average and high volatility.”

While the rating primarily reflects the expected consistency of the fund’s performance and on the fund manager’s ability to produce superior performance within its peer group in the near term, the rating has been influenced by the early stage of the ARVIX fund. That is, there is a short (less than one year) performance history and at this stage there is relatively low FUM based revenue.

Australia Ratings has also assigned its Product Complexity Indicator of ‘ORANGE’ indicating the fund as a More Complex financial product. The fund generates returns through a variety of non-standard investment strategies. Products of this type are often known as Hedge Funds.

The strategies used include model-driven investment selection, return generation using derivatives, and a performance profile that does not track mainstream markets. This type of fund is typically used to diversify portfolio risk or to provide superior returns to the underlying market.

A full rating report is available from www.australiaratings.com/.

FOR MORE INFORMATION CONTACT:

Maggie Callinan, Director maggie.callinan@australiaratings.com 03 8080 6684

 

About Australia Ratings’ Investment Rating
Our investment rating reflects Australia Ratings’ current opinion of a fund’s or an investment’s ability to achieve its stated investment objectives in the near term. The rating expresses a view on the expected consistency of the fund’s or investment’s performance within its peer or style group and on the fund manager’s ability to produce superior performance amongst its peers in the near term with due regard to the medium-term consensus view of the asset class to which the product is benchmarked.

A five-point scale is used to differentiate our opinion on how well we believe a fund will perform against a range of risks.

About the Product Complexity Indicator

Our proprietary colour-coded product complexity indicator (PCI) highlights the complexity level of an investment by its terms and conditions’ structure and transparency that may affect an investor’s return.

ABOUT AUSTRALIA RATINGS
Australia Ratings is a local, independent rating agency that provides timely and credible ratings information and research to the broader investment community. As an ASIC-licensed rating agency, we provide general advice by issuing credit ratings on debt securities and companies; and fund ratings on Australian managed funds. We are Australia’s only agency that holds a retail Australian Financial Services Licence (AFSL). This enables both retail and wholesale investors to use our credit ratings to help them gauge credit risk and complexity of financial products sold in the Australian market.

Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk oversee the application of Australia ratings rating methodology and the integrity of the rating process.

NEW LOOK WEBSITE
Monday, September 25, 2017


Melbourne, 25 September 2017 - Australia Ratings is pleased to inform that we’ve made some changes to our website.  The new  menu layout coincides with the release of Investment Ratings – our new fund ratings and research service - and is designed to help you gain quick and easy access to related content.


News & Market Insight Blogs –now located prominently on the home page so you can keep up to date with our latest rating and business news as well as market insights.

Rating Reports - Categorised by the type of rating reports, you can access our credit related and investment rating reports under ‘Credit Ratings’ and ‘Investment Ratings’.

Services Links - Highly visited web pages - including credit ratings, investment ratings and listed debt indices performance reviews - are one click away from the our new Services Links on the left hand side of the home page.

Service Pages - Our main navigation (top and left hand side menus) has been redesigned with the release of Investment Ratings. To make it easier for you to find related information and access our rating reports, information has been categorised by service type – credit ratings, investment ratings and analytical services.

Social Sharing Buttons - Share our blogs, Indices monthly review and any other information via our social media and sharing buttons.

Registration - Register to access and download some of our rating reports.  Simply click the ‘Register’ button at the top right hand of the page or on the home page.  Some Investment Rating reports are subject to a subscription. Please contact us by email at info@australiaratings.com to find out more.   

Feedback
Email us at info@australiaratings.com with your feedback or queries regarding the new website.


HERITAGE BANK RETAIL BONDS’ BBB+ CREDIT RATING WITHDRAWN
Thursday, June 22, 2017


Melbourne, 22 June 2017– Australia Ratings has withdrawn its credit rating of ‘BBB+’ to the Heritage Bank Retail Bonds.   A ‘BBB+’ rating indicates a fixed income portfolio has a moderate level of protection against loss arising from credit risk.

Australia Ratings has also withdrawn its Product Complexity Indicator (PCI) of ‘GREEN’ which indicated that the terms and conditions of the Bonds were simple and straightforward. The rating and PCI have been withdrawn following the maturity and repayment of the bonds in June 2017.

The Heritage Bank Retail Bonds issue was part of Heritage’s funding and capital management strategy. The Bonds’ interest rate was fixed at 7.25% per annum payable quarterly in arrears. The Bond were due to mature in June 2017 with an original maturity of five years.

 

For more information contact:
Chris Dalton, Managing Director
chris.dalton@australiaratings.com
0403 584 600
03 8080 6684

About Australia Ratings

Australia Ratings is Australia’s local credit rating agency with over 55 years of experience in assessing and rating credit risk. Australia Ratings was formed in 2010 following regulatory reforms to the operation of credit rating agencies in Australia. Australia Ratings Pty Limited holds Australia Financial Services License No. 346138.

Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings, whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk, oversee the application of Australia Ratings rating methodology and the integrity of the rating process.

 

ARTESIAN CORPORATE BOND FUND ‘A-‘ CREDIT RATING AFFIRMED
Tuesday, May 23, 2017


Melbourne, Tuesday, 23 May 2017 – Australia Ratings affirmed its ‘A-‘ credit rating to the Artesian Corporate Bond Fund (the Fund) Class A and B units, following several changes to the Fund’s terms and administrative arrangements.

Australia Ratings also confirmed its product complexity indicator of ‘BLUE’ to the Fund’s units, indicating that an investment in the Fund represents a relatively simple financial investment.

An investment in the Fund represents a purchase of units in a registered managed investment scheme. The Fund’s objective is to earn a return above the RBA Cash Rate plus 2.75% (net of the ordinary costs of the Fund as apportioned to the two classes of units).

The ‘A-‘ rating reflects the Fund’s strong degree of protection against loss from credit risk. The Fund’s assets are of a credit quality that supports its ability to meet redemption requests. The ‘A-‘ rating also reflects the planned direction of the credit quality of the portfolio as funds under management grow and the Fund reaches its critical threshold.

The credit rating reflects the following key strengths of Artesian Corporate Bond Fund:

  • focuses on investment grade fixed and floating securities issued by Australian companies or registered foreign companies.;
  • at least 90% of the funds will be invested in investment grade securities rated BBB- or higher;
  • a conservative risk appetite focusing on large floating rate exposure to manage interest rate risk.

The credit rating also reflects the following key risks to the Artesian Corporate Bond Fund:

  • future adverse credit market conditions could affect the unit value and credit quality of the portfolio
  • the Fund currently has a concentrated portfolio and small investor base
  • the rating reflects analysis based on the Fund’s Investment Management Agreement which permits certain exceptions while the funds under management reaches a critical threshold

A full rating report is available from www.australiaratings.com/rating-reports.

For more information contact:
Chris Dalton, Managing Director
0403 584 600
03 8080 6684

 

About Australia Ratings Australia Ratings is Australia’s local credit rating agency with over 55 years of experience in assessing and rating credit risk. Australia Ratings was formed in 2010 following regulatory reforms to the operation of credit rating agencies in Australia. Australia Ratings Pty Limited holds Australia Financial Services License No. 346138. Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings, whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk, oversee the application of Australia Ratings rating methodology and the integrity of the rating process.

SANDHURST STRATEGIC INCOME FUND’S RATING UPGRADED TO ‘A+’
Monday, May 15, 2017


 

Melbourne, 15 May 2017– Australia Ratings has upgraded its credit rating of ‘A’ to ‘A+’ to Sandhurst Strategic Income Fund’s Class A and Class B units (“the Fund”).

The one notch upgrade reflects the strong level of creditworthiness of the Fund; the historical performance of the Fund; and the solid performance of the investment management team in managing the Fund.

Australia Ratings analyst Renee Corcoran said “Investors in the Fund benefit from a high quality diversified portfolio of term deposits and fixed income securities with low volatility risk in asset value changes due to changes in interest rates. Over the last 12 months, greater emphasis has been placed on shorter term, more liquid securities.”

Ms Corcoran added “The consistent strengthening of the underlying credit quality of the portfolio has been a main driver for the Fund’s rating upgrade. The portfolio management team has also continued to actively and conservatively manage the portfolio.”

A rating of ‘A+’ represents that the Fund has a strong degree of protection against loss from credit risk on the rating scale used by Australia Ratings for fixed income funds. The rating primarily reflects the credit quality of the Fund’s investments and the experience and skill of Sandhurst Trustees Limited’s Fund Management team.

Sandhurst Strategic Income Fund was launched in July 2011 and is part of the Bendigo Wealth division and a wholly-owned subsidiary of Bendigo and Adelaide Bank Group.

The units provide investors with a quarterly distribution of income and a return of principal via a redemption request. Australia Ratings has also confirmed its Product Complexity Indicator of ‘BLUE” to the Fund’s units to indicate that an investment in the units represents a relatively simple type of fixed interest investment. The BLUE indicator highlights that in certain exceptional circumstances the Fund may defer redemption requests to manage its liquidity.

A full rating report is available from  www.australiaratings.com/rating-reports.

For more information contact:

Renee Corcoran, Director, Australia Ratings
Phone: 03 8080 6684

 

About Australia Ratings

Australia Ratings is Australia’s local credit rating agency with over 55 years of experience in assessing and rating credit risk. Australia Ratings was formed in 2010 following regulatory reforms to the operation of credit rating agencies in Australia. Australia Ratings Pty Limited holds Australia Financial Services License No. 346138.

Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings, whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk, oversee the application of Australia Ratings rating methodology and the integrity of the rating process.

 

MASON STEVENS CREDIT FUND’s ‘BBB’ CREDIT RATING WITHDRAWN
Friday, May 05, 2017


Melbourne, 5 May 2017 – Australia Ratings has withdrawn its credit rating of ‘BBB’ to the Fund’s units. A ‘BBB’ rating indicates a fixed income portfolio has a moderate level of protection against loss arising from credit risk.

Australia Ratings has also withdrawn its Product Complexity Indicator (PCI) of ‘YELLOW” which indicates that the terms and conditions of an investment represents a complex type of investment. The rating and PCI have been withdrawn at the request of the manager of the Mason Stevens Credit Fund.

Mason Stevens Credit Fund was launched in 2013 and aims to generate a return of 3.5% above the Cash Rate by investing in securities that generate both income and yield. The units provide investors with a quarterly distribution of income and a return of principal via a redemption request.

 

For more information contact:

Chris Dalton, Managing Director
chris.dalton@australiaratings.com
0403 584 600
03 8080 6684

 

About Australia Ratings

Australia Ratings is Australia’s local credit rating agency with over 55 years of experience in assessing and rating credit risk. Australia Ratings was formed in 2010 following regulatory reforms to the operation of credit rating agencies in Australia. Australia Ratings Pty Limited holds Australia Financial Services License No. 346138.

Rating opinions of Australia Ratings are determined by its analytical team in accordance with its rating methodology. The Board of Australia Ratings, whose members include Jarrod Brown, Chris Dalton and Mike Dontschuk, oversee the application of Australia Ratings rating methodology and the integrity of the rating process.


 

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