Agusto & Co. hereby upgrades the rating assigned to MBO Capital Management Limited to A-(IM)

Agusto & Co. hereby upgrades the rating of MBO Capital Management Limited (“MCM” or “the Manager”) to A-(IM). The rating reflects improvements in the Manager’s risk management monitoring system and the recruitment of experienced professionals to eliminate key man risks and ensure adequate segregation of duties across two units. The rating is also upheld by MCM’s well-composed and experienced Board of Directors, adequately qualified management team, good research capabilities and a defined deal screening process. However, the rating is constrained by the absence of Board subcommittees and the Manager’s limited operational track. 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