Hendersons questions the validity of rating agencies

Henderson's has challenged the loss of a Standard & Poor's AAA rating on its Horizon Pacific Equity fund and questioned the logic of ratings agencies. The fund's rating was dropped to A due to manager Heather Manners' prolonged absence through illness. The ratings agency also cited the loss of Kirsteen Morrison, who moved to cover ethical mandates and the fund's relative performance, as reasons for concern. Simon Ellis, head of retail at Hendersons, said the rating drop was a shock because the fund had been upgraded by Forsyth to a AA. He criticised the change and said ratings ag...