Quality of Portfolio Management

Investment grade:

P  AAA	The manager has a superior ability to administer portfolios. The organizational and operative structure, the risk administration of the company and the quality of the controls, guarantee the minimum risk for the client's funds. The firm has been successful in obtaining the level of return offered to its clients.
P  AA	The manager's ability to administer portfolios is very good. It has organizational and operative structures that together with its risk management and control structures minimize the management risk of the administer funds. However, it presents marginal weaknesses compared to those in higher-rated categories.
P A	The manager's ability to administer portfolios is good. The organizational structure, the operative procedures and the risk administration allow the company to mitigate in an appropriate way the inherent risk of the activity. However they are not mitigated as thoroughly as those in higher-rated categories.
P BBB	The manager's ability to administer portfolios is acceptable. Although it presents an organizational structure, a group of operative procedures and structures of risk controls that allow the company to mitigate some risks in the activity, there are deficiencies that present weaknesses and threats compared to companies with higher ratings.

 

Non Investment grade 

P BB	The manager presents a very low structure and capacity to administrate portfolios due to deficiencies in risk control and appropriate administration of the funds commended to its care.
P B	The manager's ability is judged insufficient for correct portfolio administration, exposing the client funds to losses.
E	There is not enough information for the qualification.