I. STATEMENT ON RATING
Slovak rating agency assigns the asset management company VÚB Asset Management, a.s.the following ratings:
| Long-term rating | BBB (stable outlook)
|
| Quality management rating | Q3+
|
The assigned long-term rating of BBB (stable outlook) is at the same level as the rating of the Slovak Republic for foreign currency transactions (BBB stable outlook). The rating of quality management for VÚB Asset Management is Q3+, which represents an above average level of process management, portfolio management and assessment of external impacts.
Justification:
- Compared with the preceding period, the company VÚB Asset Management strengthened its market position. The volume of managed assets comprising almost SKK 6.6 billion as of 10 October 2003 put it in 3rd place on the market.
- The system of management of the company and the product portfolio is well established. All legislative changes are implemented on time and reflected in the management and control mechanisms of the company. Slovak Rating Agency deems positive the increased share of qualitative methods for management of portfolios and the close co-operation in particular with NEXTRA Investment Management.
- The company has an established sales system, a clear concept upon the sale of unit trusts and a focused marketing strategy for products of the entire VÚB and Intesa BCI group. The use of sales points of bank VÚB enable it to sell clients compact packages of services and provide them with a better service. This possibility will be further enhanced by the new information system in 2004. Slovak Rating Agency positively evaluates the training system for sellers, which is not only focused solely on the sale of products, but also on the endeavour of the company to provide its clients with quality advisory services with the aim of building up long-term business relations. It also concentrates on increasing the level of knowledge of, and focus on, the issue of collective investments of small investors.
Please don't hesitate to address your questions to autner@slovakrating.sk, or call +421 2 5464 5151.
Slovak Rating Agency
Bratislava, 29 October 2003