Standard and Poor's: Middle East and North Africa markets heading for a correction, say fund managers

Notes and media contacts

Note:
Standard & Poor's, a subsidiary of The McGraw-Hill Companies, is the world's foremost provider of independent credit ratings, indices, risk evaluation, investment research and data. With offices in 23 countries and markets, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions.

About Standard & Poor's Fund Services:
Standard & Poor's Fund Services is one of the world's leading providers of qualitative, forward-looking fund management research reports. Our fund research reports are based on in-depth analysis of the funds investment culture, due diligence approach, operational risk assessment, team's experience, skill, flair and stability, fund specifics and other factors. The research is also based on an evaluation of qualitative (management, investment process and organisation) and quantitative (historic performance, portfolio construction and volatility) factors, which may contribute to long-term performance.

We rate funds into the following three categories of AAA (highest) or AA (very high) or A (high) to indicate three different standards of quality based on the fund's investment process, team's experience, control of risks and consistency of performance relative to its own investment objectives.

Our fund management reports are based mainly on public information. We don't audit the information and may rely on unaudited information when we prepare the reports which are for institutional use only. A report is not investment advice, a financial promotion, or a recommendation to purchase, hold, sell or trade any security. A report should not be relied on when making an investment decision as the report is for information purposes only and not tailored to a specific investor. Past fund performance is no guarantee of future performance and we accept no responsibility if, in reliance on a report, you act or fail to act in a particular way.

We are paid for our fund management reports normally by the fund issuer. Our fees are based upon the analysis and time involved in the research process and are not conditional on awarding a fund rating. Fund companies select the funds they want us to rate and may elect not to have published the rating they are subsequently awarded.

Standard & Poor's and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

Contact:
Alison Cratchley
T: +44 20 7176 8426