Fitch revises rating Robeco to M2+

High scores in most areas of assessment

Fitch Ratings, a leading global rating agency that provides credit markets with independent, timely and prospective credit opinions, has revised Robeco's Asset Manager Rating to 'M2+' from 'M2'. The rating covers the traditional asset management operations run in Rotterdam and money market management in Paris.

Rating
The rating reflects the support and financial strength of Robeco's parent company, Rabobank Group ('AA+'/'F1+'/Stable Outlook) and Robeco’s long track record in managing third-party assets. It also takes into account its high standard of corporate governance practices complemented by a comprehensive risk management and control framework, its sound quantitative research and investment capabilities, and a well-integrated technological environment. Overall, the addition of the '+' modifier emphasis Robeco's strong operational organization and control framework.

Risk Management
Great emphasis is placed on risk management and controls across the organization while resources, tools and procedures in place allow efficient and comprehensive coverage of risk areas. Further strengthening of risk management analytics is expected with the roll-out of RiskMetrics, as part of the Symphony program, to replace current tools by mid-2009. The technological platform is being upgraded to increase the scalability and flexibility of Robeco's current application environment, notably for the operational treatment of new instruments and increased automation for the processing of OTC derivative instruments. The first major phase of the project is expected to be completed in H109 with the roll-out of new tools for back-office, performance measurement and investment risk analysis.

Category scores
Asset managers in the 'M2' category have earned high scores in most areas of assessment. Robeco's 'M2+' rating is based on the following category scores, which represents a scale from 1 to 5, with 1 as the highest possible score:
Company & Staffing: 2.25
Risk Management & Controls: 1.75
Portfolio Management: 2.25
Investment Administration: 2.00
Technology: 2.25.