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Ipro and Aquipt Process Over 1TB of Case Data Within 24 Hours

Setting a New Benchmark for Processing and Infrastructure Delivery

Virtual Press Office Exhibitor Profiles: ABTA 2014
ABTA 2014 is in Sao Paulo from August 5-7

Record-high feed costs caused by
the worst drought in half a century are forcing farmers to
slaughter more of their hogs, with the number reaching 9.9
million head in August, the highest-ever for that month, data
analyzed by Reuters showed.
The U.S. Department of Agriculture will not issue its August
monthly tally until next month, but its daily slaughter data
after revisions shows that 9.857 million head were killed in
August, the most since 9.868 million in December 2011.
With the pace of slaughter set to increase seasonally in the
fourth quarter, the country is going to be awash with pork, and
prices of hog futures at the Chicago Mercantile Exchange, which
are hovering around 20-month lows, could go lower.
"If we continue to go seasonally higher (slaughter) from
here, as we normally do in the fourth quarter, this is going to
be a much larger number than anticipated and we've got a wreck
on our hands," said Jim Robb, director of the Livestock
Marketing Information Center in Denver.
"Feedstuff costs are high and hog prices are headed lower,"
said Robb, whose agency provides economic analyses and market
projections to its members, including government agencies.
The livestock sector was hammered by the surge in grain
prices to record highs in the aftermath of the drought, which
has devastated the corn and soybean crops, scorched pasture and
caused the price of hay to more than double.
Analysts said producers also pushed more hogs to slaughter
because of cooler weather -- after the sweltering heat of July
-- helping hogs to gain weight faster.
USDA weekly average weight data showed hogs in the benchmark
Iowa/southern Minnesota market for Aug. 25 at 268.6 lbs. It was
3.1 lbs more than the week of July 28 and 5.1 lbs higher than
during the same period last year.
Robb also pointed out that the conception rates of sows are
better in the first half of the year due to weather conditions,
resulting in more hogs coming to market in the second half.
On Tuesday, the average price of hogs in the Iowa/southern
Minnesota market slid to $70.75 cents per cwt after starting the
month at $91.49, according to USDA data.

PROTEIN TURMOIL
The surge in hog and pork supplies hurt the earnings of
Smithfield Foods Inc., the world's largest pork and hog
producer, with its quarterly profits falling short of analysts'
expectations.
"On the operating side, our results reflect the ongoing
turmoil in all protein and grain based businesses today, high
volatility and increasing cost of production primarily tied to
higher grain costs," Smithfield Foods President and Chief
Executive Larry Pope told analysts on a conference call.
He characterized third-quarter pork results as
"disappointing," citing the usual slowdown in fresh pork demand
during the summer months.
How to stem the tide of losses incurred by hog producers
will be the main focus of the National Pork Board when its meets
on Sept. 5 and 6 in Des Moines, Iowa.
The board, too, has been affected by the drought as its
budget for next year of $67 million will be 5 percent smaller
than this year's due to reduced income for its members.
The board collects 0.4 percent of the sale price of a hog to
be used in its various programs, including raising pork
consumption.
"We expect to see relatively good market prices for our
pigs, but the drought has significantly depleted the corn and
soybean crops that are the foundation of hog diets," said NPB
President Conley Nelson in a press statement.

Private Exchange Offer of Notes, Appointment, Recognition, Adaptation, and Survey Results - Analyst Notes on Verizon, Frontier Communications, NCR, Demandware and Cornerstone OnDemand
Editor Note: For more information about this release, please scroll to bottom

SHERMAN, CT, Mar 29 (MARKET WIRE) --
The past 15 years have brought dramatic changes to how travel is booked
in the U.S. Consumer migration to online channels has driven a decline in
the number of traditional travel agencies. But according to a new report
from travel industry research authority PhoCusWright, traditional
agencies still account for one third of travel bookings in the U.S., and
today's travel agents are reinventing themselves to stay relevant and
competitive.

"The Once and Future Agent: PhoCusWright's Travel Agency Distribution
Landscape 2009-2013" (www.phocuswright.com/products/4110) reports that
traditional travel agencies accounted for nearly US$95 billion in travel
sales in 2011, or one third of the $284 billion U.S. travel market.
Corporate agencies, which rebounded quickly from the recession, now
account for nearly three fourths of all agency bookings and are focused
on air, hotel and rental car sales. Leisure agencies tend to specialize
in more complex leisure products such as vacation packages and cruises
that are more challenging to book online, and represent a little over one
fourth of total agency sales.

Both the leisure and corporate agency segments have changed dramatically
over the past 15 years, and more change lies ahead. Douglas Quinby,
PhoCusWright's senior director, research, addresses some of the key
shifts that have taken place in the travel agency distribution landscape.

"The Once and Future Agent: PhoCusWright's Travel Agency Distribution
Landscape 2009-2013" examines the traditional travel agency channel,
assessing the state of the marketplace and providing a detailed outlook
for the future. The report includes:


-- Comprehensive travel agency market sizing, including leisure and
corporate sectors, and analysis by segment -- air, hotel, cruise, car,
tour and rail
-- Composition and structure of the travel agency marketplace, examining
the total number of agency locations, the travel agent population, the
mix of leisure and corporate agencies and travel agency affiliations
(consortia)
-- Assessment of the growing home-based travel agent phenomenon
-- Travel agency product selection and booking methods, including the
role of GDSs, supplier websites, mobile devices and other online
resources and platforms
-- The rising average age of travel agents and potential market
implications
-- Trends and key market developments in the U.S. travel agency landscape



"The Once and Future Agent: PhoCusWright's Travel Agency
Distribution Landscape 2009-2013" (US$1,100) traces the dramatic forces
that have redefined the traditional travel agency sector, and provides
essential guidance on the shaping of this distribution channel in the
years to come.

ABOUT PHOCUSWRIGHT INC. (www.phocuswright.com)

PhoCusWright, the travel industry research authority, fosters smart
strategic planning and tactical decision-making by delivering primary
research on the evolving dynamics that influence travel, tourism and
hospitality distribution. To complement its research in North America,
Europe and Asia, PhoCusWright partners with and produces several
high-profile conferences around the world.

Copyright 2012 PhoCusWright Inc., Sherman, CT United States



Contact:
PhoCusWright Media
+1 860 350-4084
media@phocuswright.com

Copyright 2012, Market Wire, All rights reserved.

-0-

Former Virginia Governor Robert McDonnell and his wife knew that a wealthy businessman had lavished gifts and loans on them to get political favors, a prosecutor said on Friday during closing arguments of the couple's corruption trial.
Prosecutor David Harbach II said that McDonnell and his wife, Maureen, hid from their closest aides and advisers the fact that they had received $177,000 in loans and gifts from dietary supplement entrepreneur Jonnie Williams Sr.“Bob McDonnell knew exactly why Jonnie Williams was showering his family with loans and gift and so do you,” Harbach told the jury of seven men and five women in U.S. District Court.McDonnell, a Republican, and his wife face a 14-count indictment charging they accepted luxury gifts and sweetheart loans from Williams in exchange for promoting his company and its main product, the anti-inflammatory Anatabloc.Harbach, the deputy chief of the Public Integrity Section at the U.S. Justice Department’s Criminal Division, said McDonnell's testimony that Williams never asked him for anything did not hold up.He said the McDonnells repeatedly had worked on Williams’ behalf, such as staging a launch of Anatabloc at the governor's mansion.

Airlines are sticking with plans to buy the latest generation of fuel-saving passenger jets even though falling jet fuel costs have undercut the case for these planes, the head of one of the world's largest aircraft leasing companies said in an interview.
"These are short-term market dynamics," Air Lease Corp Chief Executive Officer Steven Udvar-Hazy told Reuters, referring to oil price moves. "We have not seen any diminishing of airline interest in aircraft that are more fuel efficient."Brent crude oil prices have dropped to around $81 a barrel, levels at which airlines traditionally question making hefty investments in the latest planes. But Udvar-Hazy said airlines still want carbon-fiber aircraft such as Boeing Co's 787 Dreamliner and Airbus's A350. Those models are more expensive than older metal aircraft such as the Airbus A330 and the Boeing 777 but burn less fuel.Boeing and Airbus are competing for hundreds of billions of dollars in sales of 787 and A350 long-haul jets, both of which Air Lease Corp has ordered. Airlines often lease planes instead of buying them to give their fleets more flexibility.Airlines also are keenly interested in planes that combine fuel-saving engines with the older metallic airframes, such as Boeing's 777X and Airbus' A330neo.

(The following statement was released by the rating agency)
PARIS/LONDON, July 03 (Fitch) Fitch Ratings has affirmed Groupe
BPCE's (GBPCE),
BPCE S.A.'s and the group subsidiaries' Long-Term Issuer Default
Ratings (IDRs)
at 'A' and Short-term IDRs at 'F1'. The Outlook on the Long-Term
IDRs is Stable.
A full list of rating actions is at the end of this comment.
KEY RATING DRIVERS - IDRS, VR AND SENIOR DEBT RATING
GBPCE's IDRs, Viability Rating (VR) and senior debt rating are
underpinned by
its sound business profile, largely oriented towards modest risk
banking
businesses, low risk appetite, solid asset quality, sound
capitalisation and
acceptable profitability. They also reflect higher dependence on
wholesale
funding than some French peers and lower high quality liquidity
buffers than
some international peers.
GBPCE's business model has been stable and its strong retail
franchise has been
able to generate recurring and satisfactory profitability. The
group focuses on
the low-risk - but low-return - retail business in France,
generating modest
earnings volatility through the cycle. GBPCE maintains sizeable
market shares in
French retail banking through its two leading banking
franchises, Banque
Populaire (BP) and Caisse d'Epargne et de Prevoyance (CEP). In
addition, we view
the group's structure as largely positive. Indeed, as a
cooperative banking
group with a small part of its capital being free floating (28%
of Natixis'
capital), the group does not suffer from excessive market return
pressure and
consequently has a modest risk appetite.
GBPCE's profitability is acceptable given its modest risk
profile but its ratios
are somewhat weaker than those of its French cooperative bank
peers, since it
was formulated more recently and cross-selling and cost synergy
opportunities
have therefore been more limited. Consequently, we believe the
group has more
potential for growth in segments where it is below its natural
market share,
such as insurance or even some specialised financial services.
The group's asset quality compares positively with that of its
French peers. Its
prudent underwriting criteria and focus on French retail banking
translate into
one of the lowest impaired loan ratios within large French
banks. While the
coverage ratio may look moderate (53%, albeit broadly in line
with almost all of
its French peers), it should be viewed in light of the sizeable
collateral held
by GBPCE in many transactions. At 20% of the group's equity base
at end-2013,
the unreserved portion of impaired loans remains manageable.
Although Fitch notes the improvement in GBPCE's funding profile,
highlighted by
a decline in short-term wholesale funding and a growing deposit
base, Fitch
considers the group remains somewhat more dependent on wholesale
funding than
most of the other large French banks. Its loans/deposits ratio
was 129% at
end-2013, and further significant reduction may be constrained
by the largely
wholesale nature of funding at two of its main subsidiaries,
Credit Foncier de
France and Natixis (both rated 'A'/Stable). GBPCE's liquidity
has improved
significantly and is now satisfactory, although some
international peers have a
higher buffer of high quality liquid assets and cash.
GBPCE's sound capital ratios are a rating strength. Fitch does
not expect
adequate capital generation to slow down in the near future
given the group's
earnings generation, historically modest dividend payout ratios,
and ability to
issue cooperative shares. In addition, GBPCE's sound weighted
capital ratios are
penalised by a lower use of internal ratings-based approach
(IRBA) for credit
risk than most French banks. At end-2013, GBPCE had a sound
'fully-loaded' Basel
III leverage ratio of just below 4% (based on Tier 1 capital).
GBPCE's VR is at same level as its Support Rating Floor (SRF),
therefore GBPCE's
IDRs (and senior debt ratings) are driven by its standalone
financial strength.
Consequently, GBPCE's IDRs would be unaffected by either a
downgrade of France's
IDRs or lower availability of support from the French state.
GBPCE is not a
single entity but a cooperative banking group. Its banking
networks (BPs and
CEPs) and central body (BPCE S.A.) are bound by a cross-support
mechanism
according to the French Financial and Monetary Code.
Accordingly, Fitch has the
same IDRs for GBPCE and BPCE S.A. The IDRs also apply to the BPs
and CEPs.
KEY RATING DRIVERS - SUPPORT RATINGS, SUPPORT RATING FLOORS
GBPCE's Support Rating (SR) and SRF reflect its systemic
importance domestically
given its size, significant deposit market shares and the fact
it is a core
provider of credit and other key financial services to the
French economy. The
group maintains sizeable market shares in French retail banking,
(from 15% to
25% depending on products), second only to Credit Agricole.
GBPCE is considered
a global systemically important bank according to the Financial
Stability Board.
BPCE S.A.'s SR and SRF reflect its integral role within GBPCE
and Fitch's
opinion that potential state support to the group would flow
through BPCE S.A..
RATING SENSITIVITIES - IDRS, VR AND SENIOR DEBT
A downgrade of the group's 'a' VR would likely result from an
economic downturn
in France that would be severe enough to materially impact the
group's capital
ratios. A downgrade of the VR would not have any impact on the
LT IDR as long as
GBPCE is assigned an 'A' SRF. Nevertheless, the SRF is expected
to be revised to
'No Floor' as announced by Fitch on 26 March 2014 ("Fitch
Affirms SRFs of 64
EMEA Banks; Downward Revisions Likely For Most Due To Weakening
Support").
A material improvement in recurring profitability - likely
arising from broader
cross-selling among the group - that would eventually allow the
bank to have its
capital ratios more in line with higher rated peers, together
with lower
dependence on wholesale funding and larger high quality
liquidity buffer, could
lead to an upgrade of the ratings.
RATING SENSITIVITIES - SUPPORT RATINGS, SUPPORT RATING FLOORS
GBPCE's and BPCE S.A.'s SRs and SRFs would be sensitive to a
decrease in Fitch's
view of France's ability (as measured by its rating) or
willingness to support
GBPCE. These ratings are also sensitive to a change in Fitch's
assumptions
around the availability of sovereign support for French
financial institutions.
Fitch expects the probability of support, if needed, is likely
to decline during
the next one to two years, as further progress is made in
enabling effective
resolution frameworks. Therefore, Fitch expects to downgrade
GBPCE's SR to '5'
and revise down its SRF to 'No Floor'. The timing at this stage
is likely to be
some point in late 2014 or in 1H15.
KEY RATING DRIVERS AND SENSITIVITIES - SUBSIDIARIES
BPCE S.A. is legally committed to maintain adequate liquidity
and solvency for
the entities affiliated to it. The affiliation with BPCE S.A.
concerns over 100
entities, including the group's primary subsidiaries (Natixis,
Credit Foncier de
France, Banque Palatine and BPCE International et Outre-Mer).
The Long-and
Short-term IDRs of Natixis, Credit Foncier de France and Banque
Palatine are
therefore equalised with those of GBPCE. The affiliated
subsidiaries' IDRs will
therefore continue to move in tandem with those of GBPCE unless
there is a
change in the affiliation status, which Fitch views as extremely
unlikely.
Natixis, Credit Foncier de France and Banque Palatine are part
of the group's
cross-support mechanism according to the French Financial and
Monetary Code as
modified in 2013. Therefore, we feel it is more appropriate to
apply our
'Banking Structures Backed by Mutual Support Mechanisms'
criteria. According to
this criteria, Fitch typically assigns the same Long-Term and
Short-Term IDRs
(as those assigned to the group) but no VR or SR. Therefore
Fitch has withdrawn
Natixis' VR and SR and Banque Palatine's and Credit Foncier de
France's SR,
which allows the application of this criteria in a more
consistent manner.
KEY RATING DRIVERS AND SENSITIVITY - SUBORDINATED DEBT AND OTHER
HYBRID
SECURITIES
Subordinated debt and hybrid securities issued by BPCE S.A. and
Natixis are
notched off GBPCE's VR in accordance with Fitch's criteria
'Rating Bank
Regulatory Capital and Similar Securities'. Subordinated lower
Tier 2 debt is
rated one notch below GBPCE's VR to reflect below average loss
severity of this
type of debt when compared with average recoveries. The hybrid
Tier 1 securities
are rated four notches below GBPCE's VR to reflect higher loss
severity risk of
these securities when compared with average recoveries (two
notches from the VR)
as well as a higher risk of non-performance (an additional two
notches).
The rating actions are as follows:
Groupe BPCE
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
BPCE S.A.
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1'
Support Rating Floor: affirmed at 'A'
Senior unsecured debt: affirmed at 'A'
BMTN programme: affirmed at 'A'
EMTN programme: Long-term affirmed at 'A' and Short-term
affirmed at 'F1'
Short-term debt: affirmed at 'F1'
Innovative Tier 1: affirmed at 'BBB-'
Non-innovative tier 1: affirmed at 'BBB-'
Lower Tier 2: affirmed at 'A-'
Commercial paper: affirmed at 'F1'
Natixis
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1' and withdrawn
Viability Rating: affirmed at 'a' and withdrawn
Senior unsecured debt: affirmed at 'A'
Market linked notes: affirmed at 'Aemr'
Lower Tier 2: affirmed at 'A-'
Hybrid capital instruments: affirmed at 'BBB-'
BMTN programme: affirmed at 'A'
EMTN programme: Long-term affirmed at 'A' and Short-term
affirmed at 'F1'
Debt issuance programme guaranteed by Caisse des Depots et
Consignations (CDC):
Long-term affirmed at 'AA+' and Short-term affirmed at 'F1+'
Debt issuance programme guaranteed by BPCE S.A.: Long-term
affirmed at 'A' and
Short-term affirmed at 'F1'
Senior unsecured debt guaranteed by Caisse des Depots et
Consignations (CDC):
affirmed at 'AA+'
Certificate of deposit: affirmed at 'F1'
Commercial paper: affirmed at 'F1'
NBP Capital Trust I
Preferred stock: affirmed at 'BBB-'
Credit Foncier de France
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1' and withdrawn
BMTN programme: affirmed at 'A'
EMTN programme: long-term affirmed at 'A' and short-term
affirmed at 'F1'
Senior unsecured debt: affirmed at 'A'
Certificate of deposits: affirmed at 'F1'
Banque Palatine
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
Support Rating: affirmed at '1' and withdrawn
BMTN programme: affirmed at 'A'
Certificate of Deposits: affirmed at 'F1'
The following entities' Long-term IDRs have been affirmed at
'A'/Stable Outlook
and their Short-term IDRs have been affirmed at 'F1':
Banque Populaire Atlantique
Banque Populaire Bourgogne, Franche-Comte
Banque Populaire Aquitaine Centre Atlantique
Banque Populaire Cote d'Azur
Banque Populaire d'Alsace
Banque Populaire de l'Ouest
Banque Populaire de Lorraine-Champagne
Banque Populaire des Alpes
Banque Populaire du Massif-Central
Banque Populaire du Nord
Banque Populaire du Sud
Banque Populaire Loire et Lyonnais
Banque Populaire Occitane
Banque Populaire Provencale et Corse
Banque Populaire Rives de Paris
Banque Populaire Val-de-France
BRED - Banque Populaire
CASDEN - Banque Populaire
Groupe Credit Cooperatif
Credit Maritime Mutuel
Caisse d'Epargne et de Prevoyance d'Alsace
Caisse d'Epargne Aquitaine Poitou Charentes
Caisse d'Epargne et de Prevoyance d'Auvergne et du Limousin
Caisse d'Epargne et de Prevoyance de Bourgogne Franche-Comte
Caisse d'Epargne et de Prevoyance Bretagne-Pays de Loire
Caisse d'Epargne et de Prevoyance Cote d'Azur
Caisse d'Epargne et de Prevoyance Ile-de-France
Caisse d'Epargne et de Prevoyance du Languedoc Roussillon
Caisse d'Epargne et de Prevoyance Loire-Centre
Caisse d'Epargne et de Prevoyance Loire Drome Ardeche
Caisse d'Epargne et de Prevoyance de Lorraine Champagne-Ardenne
Caisse d'Epargne et de Prevoyance de Midi Pyrenees
Caisse d'Epargne et de Prevoyance Nord France Europe
Caisse d'Epargne et de Prevoyance Normandie
Caisse d'Epargne et de Prevoyance de Picardie
Caisse d'Epargne et de Prevoyance Provence Alpes Corse
Caisse d'Epargne et de Prevoyance de Rhone Alpes
Credit Cooperatif:
Long-term IDR: affirmed at 'A'; Stable Outlook
Short-term IDR: affirmed at 'F1'
BMTN Programme: affirmed at 'A'
Commercial paper: affirmed at 'F1'
Contact:
Primary Analyst (Groupe BPCE, Banque Populaire and Caisse
d'Epargne et de
Prevoyance regional banks, BPCE S.A. and Credit Cooperatif)
Eric Dupont
Senior Director
+33 1 44 29 91 31
Fitch France S.A.S
60 rue de Monceau,
75008 Paris
Primary Analyst (Natixis and NBP Capital Trust I)
Alain Branchey
Senior Director
+33 1 44 29 91 41
Fitch France S.A.S
60 rue de Monceau,
75008 Paris
Primary Analyst (Credit Foncier de France, Banque Palatine)
Solena Gloaguen
Director
+44 20 3530 1126
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
Secondary Analyst (Groupe BPCE, Banque Populaire and Caisse
d'Epargne et de
Prevoyance regional banks, BPCE S.A., Natixis, Credit Foncier de
France, Banque
Palatine)
Francois-Xavier Marchand
Associate Director
+33 1 44 29 91 46
Committee Chairperson
Michael Dawson-Kropf
Senior Director
+49 69 768076 113
Media Relations: Elaine Bailey, London, Tel: +44 203 530 1153,
Email:
elaine.bailey@fitchratings.com.
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating
Criteria', dated 31
January2014; 'Rating Criteria for Banking Structures Backed by
Mutual Support
Mechanisms' dated 18 December 2013 are available at
www.fitchratings.com.
Applicable Criteria and Related Research:
Global Financial Institutions Rating Criteria
here
Rating Criteria for Banking Structures Backed by Mutual Support
Mechanisms
here
Additional Disclosure
Solicitation Status
here
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
LINK:
here. IN ADDITION,
RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE
ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS,
CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S
CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE
FIREWALL, COMPLIANCE
AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE
FROM THE 'CODE OF
CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER
PERMISSIBLE
SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES.
DETAILS OF THIS
SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN
EU-REGISTERED
ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER
ON THE FITCH
WEBSITE.

The Real War of the Worlds: Infectious Diseases Are the Deadly Invaders
Becker College's Dr. Richard French weighs in

(The following statement was released by the rating agency)
Link to Fitch Ratings' Report: BlueBay Global Investment Grade
Corporate Bond
Fund
here
LONDON, September 22 (Fitch) Fitch Ratings has assigned BlueBay
Global
Investment Grade Corporate Bond Fund (BlueBay GIGBF) a 'Strong'
Fund Quality
Rating. The fund is managed by BlueBay Asset Management LLP.
KEY RATING DRIVERS
The 'Strong' rating reflects the fund's research-driven
investment approach,
allowing an effective exploitation of diversified sources of
fixed income
returns within a well-defined risk-control framework. The rating
is also
supported by the depth of BlueBay's dedicated fixed income
resources.
FUND PROFILE
BlueBay GIGBF is a sub-fund of a Luxembourg Part I SICAV and is
UCITS
IV-compliant. Launched in October 2012, the fund invests
predominately in global
investment grade (IG) securities, with a focus on Europe and
North America.
The fund aims to generate excess returns of 150bps per annum,
gross of fees,
over the Barclays Global Aggregate Corporates TR USD Hedged
Index with a maximum
tracking error of 3%. The fund had USD965m of assets at end-July
2014.
INVESTMENT PROCESS
The fund implements a well-balanced, research-driven investment
process
combining macro, fundamental, technical and relative valuation
inputs in a
formalised, disciplined but also flexible and reactive manner.
Fixed income alpha sources result from the implementation of
high conviction,
mainly relative value trades within well-defined risk
guidelines. Macro
exposures and overall portfolio positioning are adjusted
dynamically using a
derivatives-based overlay strategy. Credit selection has been
the main
contributor to performance.
RESOURCES
The lead portfolio manager (PM), Raphael Robelin, has 18 years
of investment
experience and is the co-CIO and co-head of IG. The co-PM,
Andrzej Skiba, is
based in the US, alongside two dedicated US IG analysts and one
US IG trader.
The fund benefits from the depth of BlueBay's IG fixed income
resources (a team
of 22 staff with an average of 12 years of experience).
TRACK RECORD
Since its launch, the fund has exceeded its objectives,
returning a cumulative
14.8% (B USD share class; net of fees) compared with the
benchmark of 7.7%, with
an annualised tracking error of 1.5% as at end-August 2014.
Fitch assessed BlueBay's track record in IG credit management
since 2002
(following the same investment process) when assigning the
fund's 'Strong'
rating. Although BlueBay has only been managing global IG
products since 2010,
its European IG products have typically contained a portion of
global IG
investments (hedged to euros). This represents sufficient track
record in the
research and management of global IG investments.
FUND MANAGER
Founded in 2001 and now owned by the Royal Bank of Canada
(AA/Stable/F1+),
BlueBay Asset Management is a specialist credit asset manager
with assets under
management of USD66.6bn as at end-June 2014 (of which USD29.9bn
were IG
credits). BlueBay has been investing in IG credit and managing
long/short funds
since 2002.
RATING SENSITIVITIES
The rating may be sensitive to material changes in the
investment or operational
processes or resources dedicated to the fund. A material adverse
deviation from
Fitch's guidelines for any key rating driver could result in a
downgrade. For
example, this may be manifested in significant structural
deterioration in the
fund's performance or excessive risk-taking relative to the
fund's investment
guidelines. Fitch sees limited key person dependency given the
depth of the IG
team.
Fitch's Fund Quality Ratings combine Fitch's experience in
qualitative fund
analysis with rankings and performance data from Lipper, a
Thomson Reuters
company. Fitch's Fund Quality Ratings offer an independent,
forward-looking
assessment of a fund's key performance and risk attributes and
consistency of
longer-term returns, relative to peer group or benchmarks. The
ratings focus on
the fund manager's investment process, key fund performance
drivers, risk
management, and the quality of the fund's operational
infrastructure.
For more information, please see
www.fundmanagement.fitchratings.com
To receive forthcoming Fund Quality Rating research, opt in here
Contacts:
Primary Analyst
Richard Woodrow, CFA
Associate Director
30 North Colonnade
London E14 5GN
+44 20 3530 1388
Secondary Analyst
Manuel Arrive, CFA
Senior Director
+33 1 44 29 91 77
Committee Chairperson
Alastair Sewell, CFA
Senior Director
+44 20 3530 1147
Media Relations: Christian Giesen, Frankfurt am Main, Tel: +49
69 768076 232,
Email: christian.giesen@fitchratings.com.
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Fund Quality Ratings Criteria', dated 16
September 2014,
are available at www.fitchratings.com.
Applicable Criteria and Related Research:
Fund Quality Rating Criteria
here
Additional Disclosure
Solicitation Status
here
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PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS
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