Berita Terkini

  • 13/03/2018
    KONTAN.CO.ID - JAKARTA. Di tengah gejolak yang melanda pasar saham, sejumlah produk reksadana saham masih mampu mencatatkan kinerja menawan. Salah satunya, reksadana saham BNP Paribas Solaris. Kinerja produk besutan PT BNP Paribas Investment Partners ini ditopang saham-saham berkapitalisasi kecil dan sedang atau saham-saham lini kedua (second liner). Dalam dua bulan terakhir atau year to date (ytd) Februari 2018, BNP Paribas Solaris memperoleh imbal hasil sebesar 6,92%. Kinerja reksadana saham ini lebih tinggi dibandingkan kinerja Indeks Harga Saham Gabungan (IHSG) yang hanya naik 3,80% pada periode yang sama. Khusus Februari, saat IHSG merosot 0,13%, reksadana BNP Paribas Solaris masih sanggup mencetak imbal hasil positif yaitu sebesar 0,75%. Presiden Direktur BNP Paribas Investment Partners, Vivian Secakusuma menjelaskan, BNP Paribas Solaris merupakan reksadana tematik yang fokus pada saham-saham berkapitalisasi kecil hingga sedang. Menurutnya, saham-saham tersebut banyak diminati oleh investor lokal maupun mancanegara. Ia menyebut, faktor utama yang mendorong kinerja saham berkapitalisasi kecil-sedang adalah saham-saham berkapitalisasi besar sudah naik cukup besar pada tahun lalu. “Jarak valuasi saham small-mid cap semakin besar dibandingkan dengan saham berkapitalisasi besar,” papar Vivian. Di samping mengandalkan saham-saham berkapitalisasi kecil hingga sedang, BNP Paribas Investment Partners juga fokus pada saham-saham emiten yang memiliki pertumbuhan laba positif dengan mempertimbangkan sektor-sektor yang potensial di waktu mendatang. Berdasarkan Fund Fact Sheet per Februari 2018, porsi saham yang terdapat pada portofolio reksadana yang meluncur sejak 15 Mei 2008 tersebut mencapai 88,64%. Saat ini, BNP Paribas Investment Partners lebih cenderung berinvestasi pada saham di sektor konsumer dan beberapa komoditas. Adapun, lima besar efek saham yang terdapat pada reksadana ini antara lain saham BNII, GGRM, INKP, INDF dan UNTR. Menurut Vivian, dalam pemilihan aset berupa saham, pihaknya terlebih dahulu melakukan analisis likuiditas dan fundamental pada emiten-emiten terkait. Proses ini dilakukan dengan mengevaluasi emiten dari sisi model bisnis dan tim manajemen. “Hal lain yang akan dilihat adalah prospek pertumbuhan dari perusahaan, termasuk industri di mana perusahaan itu bergerak,” paparnya. Selain efek saham, reksadana BNP Paribas Solaris juga memiliki aset berupa efek pasar uang sebesar 11,36%. Hal ini untuk meminimalisir risiko sekaligus menjaga likuiditas reksadana tersebut. Walaupun tidak mengungkapkan secara rinci, Vivian menargetkan imbal hasil reksadana ini mampu melampaui indeks acuannya pada akhir tahun ini.sumber : Kontan
  • 01/03/2018
    Pemegang Unit Penyertaan yang terhormat, Terima kasih atas kepercayaan dan dukungan yang Anda berikan kepada kami dengan berinvestasi pada Reksa Dana BNP Paribas (“Reksa Dana”) yang kami kelola. Bersama ini kami sampaikan bahwa kami berencana untuk melakukan perubahan Prospektus dan/atau KIK untuk beberapa Reksa Dana yang dikelola oleh PT. BNP Paribas Investment Partners (“Reksa Dana”) sebagai berikut: Reksa Dana BNP Paribas Ekuitas Reksa Dana BNP Paribas STAR Reksa Dana BNP Paribas Solaris Reksa Dana BNP Paribas Prima II Reksa Dana BNP Paribas Omega Reksa Dana BNP Paribas Integra Reksa Dana BNP Paribas Spektra Rencana perubahan pada Prospektus dan/atau KIK yang akan kami lakukan adalah dengan meniadakan Batas Minimum Pembelian Unit Penyertaan pada Reksa Dana. Demikian informasi yang dapat kami sampaikan dan terima kasih atas perhatiannya. Apabila Bapak/ Ibu memiliki pertanyaan lebih lanjut, kami persilahkan Bapak/Ibu untuk menghubungi Agen Penjual Efek Reksa Dana tempat di mana Bapak/Ibu melakukan pembelian unit penyertaan Reksa Dana. Hormat kami,         PT. BNP Paribas Investment Partners 
  • 28/02/2018
    Fitur reksa dana baru yang mencakup : Alokasi aset yang aktif untuk membantu investor menghadapi kondisi pasar yang bergejolak Fitur pembagian hasil investasi bulanan dalam bentuk tunai PT. BNP Paribas Investment Partners (‘BNP Paribas IP’), bagian dari grup global BNP Paribas Asset Management, meluncurkan kembali strategi produk investasi reksa dana campuran, ‘BNP Paribas Equitra’. Reksa Dana ini hadir untuk memenuhi kebutuhan investor pemula yang ingin berinvestasi pada instrument investasi yang relatif stabil seiring dengan pergerakan pasar, dan pada saat yang bersamaan, memberikan imbal hasil bulanan melalui pembagian hasil investasi dalam bentuk tunai. Dengan reksa dana ini investor juga tidak perlu repot memikirkan alokasi aset, karena Manajer Investasi akan melakukan alokasi aset yang aktif pada efek saham, obligasi, atau instrumen pasar uang, guna menghadapi gejolak pasar lokal maupun global. Dalam upayanya untuk memberikan hasil investasi yang lebih stabil, eksposur BNP Paribas Equitra di efek saham akan dibatasi, guna mengurangi fluktuasi akibat pergerakan pasar saham. Selain itu BNP Paribas Equitra tidak memiliki minimum pembelian sehingga sangat sesuai bagi investor pemula yang ingin mulai mencoba berinvestasi. Vivian Secakusuma, Presiden Direktur, PT. BNP Paribas Investment Partners mengatakan, "Sebelumnya strategi BNP Paribas Equitra hanya fokus untuk meminimalisir risiko. Namun, melihat kondisi pasar yang terus berubah, investor kini menginginkan produk yang dapat memberikan imbal hasil yang lebih stabil bagi investasi mereka. Kami juga menambahkan fitur pembagian imbal hasil secara tunai setiap bulannya kepada para investor. BNP Paribas Equitra kini telah tersedia di 13 bank mitra distribusi kami dan 3 perusahaan sekuritas on-line, sehingga membuat produk ini mudah diakses bagi para calon investor”. "Kami menerima tanggapan yang positif dari para mitra distribusi kami, dimana sejak strategi baru tersebut dijalankan, jumlah dana kelolaan reksa dana telah berkembang hingga 107% dalam 2 (dua) bulan, atau  mencapai Rp 105,31 miliar di akhir Januari 2018. Dengan pengelolaan alokasi aset yang aktif, kinerja investasi reksa dana sangat bersaing. Kami berharap perkembangan reksa dana ini dapat terus berlanjut" ujar Vivian. “BNP Paribas IP terus berkomitmen untuk mendukung upaya Pemerintah Indonesia mengembangkan industri pasar modal dan untuk meningkatkan jumlah basis investor reksa dana. Untuk mendukung komitmen tersebut. BNP Paribas Equitra adalah produk investasi mikro, yang tidak memiliki jumlah minimal pembelian.  Melalui jalur distribusi kami dan fitur dari reksa dana ini, kami yakin reksa dana ini dapat menarik bagi investor pemula yang memiliki profil risiko konservatif hingga moderat dengan horison investasi jangka pendek hingga menengah.” tutup Vivian. BNP Paribas Equitra adalah reksa dana campuran dengan eksposur yang terbatas pada efek saham guna mengurangi dampak volatilitas pergerakan pasar saham, agar investor dapat memperoleh hasil yang relatif stabil sesuai dengan perkembangan pasar. Reksa dana ini memiliki fitur pembagian hasil dalam bentuk tunai setiap bulannya dengan tingkat imbal hasil dan jumlah yang disesuaikan dengan kebijakan Manajer Investasi dan dilakukan berdasarkan upaya terbaik. Reksa dana ini dapat dibeli tanpa jumlah pembelian minimumdan sesuai untuk investor pemula yang ingin mulai berinvestasi melalui reksa dana atau mencari alternatif investasi lain selain deposito. BNP Paribas Equitra pertama kali diluncurkan pada tanggal 10 Oktober 2005. Tentang PT. BNP Paribas Investment Partners  PT. BNP Paribas Investment Partners merupakan salah satu perusahaan manajer investasi terkemuka di Indonesia yang telah berdiri sejak tahun 1992. Perusahaan menawarkan jasa pengelolaan investasi  bagi nasabah baik institusi maupun ritel, dalam bentuk kontrak pengelolaan dana maupun reksa dana(1). Perusahaan juga bekerja sama dengan beberapa bank  dan perusahaan Efek terkemuka di Indonesia dalam memasarkan reksa dananya. Dengan didukung oleh lebih dari 50 (lima puluh) tenaga kerja profesional, perusahaan memiliki total dana kelolaan dan advis sebesar Rp 30,29 triliun(2).  dan telah mendapatkan penghargaan sebagai perusahaan manajer investasi terbaik di Indonesia dari berbagai media regional diantaranya  Perusahaan Asset Management Terbaik dari The Asset di tahun 2010, 2011, 2012, 2014 dan 2015; “Fund House of the Year – Indonesia” oleh Asian Investor di tahun 2012; dan ““Best Fund House - Indonesia” oleh Asia Asset Management di tahun 2008 and 2009; (1) Untuk informasi lebih lanjut, mohon kunjungi website kami di www.bnpparibas-ip.co.id  (2) Sumber: PT. BNP Paribas Investment Partners, per 31 Januari 2018 Media contacts: PT. BNP Paribas Investment Partners Maya Kamdani +62 21 252 1574 +62815-1908-7852 Maya.kamdani@bnpparibas-ip.co.id Media contacts: Cognito Communications Robert Sanjaya +62 21 739 9928 +62 813-876-10964 robert@cognito.co.id PERHATIAN MANAJER INVESTASI TERDAFTAR DAN DIAWASI OLEH OTORITAS JASA KEUANGAN. INVESTASI MELALUI REKSA DANA MENGANDUNG RISIKO. CALON INVESTOR WAJIB MEMBACA DAN MEMAHAMI PROSPEKTUS SEBELUM MEMUTUSKAN UNTUK BERINVESTASI MELALUI REKSA DANA. KINERJA MASA LALU TIDAK MENCERMINKAN KINERJA MASA DATANG. Dokumen ini dibuat dan dipersiapkan oleh PT. BNP Paribas Investment Partners* yang merupakan bagian dari BNP Paribas Investment Partners (BNPP IP)**. Dokumen ini dibuat hanya untuk memberikan informasi dan bukan merupakan: 1. Suatu bentuk penawaran untuk membeli atau permintaan untuk menjual atau dijadikan dasar dari atau yang dapat dijadikan pedoman sehubungan dengan suatu perjanjian atau komitmen apapun atau  2. Suatu nasehat investasi. Dokumen ini merupakan referensi untuk instrumen keuangan tertentu (‘’Instrumen Keuangan’’) yang disahkan dan diatur dalam yuridiksi dimana Instrumen Keuangan tersebut dibentuk.  Tidak ada tindakan yang perlu diambil dalam melakukan penawaran umum dari Instrumen Keuangan tersebut di wilayah yuridiksi lainnya, kecuali disebutkan di dalam prospektus terbaru, dokumen penawaran atau materi informasi lainnya, sebagaimana telah tersedia, dari Instrumen Keuangan tersebut yang relevan apabila tindakan tersebut perlu diambil, khususnya, di Amerika Serikat, bagi warga negara Amerika Serikat (dimana ketentuan tersebut diatur di dalam Peraturan huruf S Pasar Modal Amerika Serikat  tahun 1933). Sebelum melakukan suatu pembelian di dalam suatu negara dimana Instrumen keuangan tersebut terdaftar, investor wajib memeriksa seluruh kendala atau larangan yang mungkin ada dalam kaitannya dengan pembelian, kepemilikan atau penjualan Instrumen Keuangan tersebut. Investor yang mempertimbangkan untuk membeli Instrumen Keuangan tersebut wajib membaca dengan seksama di dalam prospektus terbaru, dokumen penawaran atau materi informasi lainnya dan memahami laporan keuangan terbaru dari Instrumen Keuangan tersebut. Prospektus, dokumen penawaran atau informasi lainnya dari Instrumen Keuangan tersebut yang tersedia di kantor lokal BNPP IP, jika ada, atau dari pihak marketing dari Instrumen Keuangan tersebut. Pendapat yang termuat dalam dokumen ini merupakan pendapat dari PT. BNP Paribas Investment Partners untuk waktu tertentu dan dapat berubah-ubah sewaktu-waktu tanpa pemberitahuan terlebih dahulu. PT. BNP Paribas Investment Partners tidak berkewajiban untuk memperbarui atau mengubah informasi atau pendapat yang disebutkan dalam dokumen ini. Investor harus berkonsultasi dengan penasihat hukum dan pajak mereka sehubungan dengan nasehat-nasehat hukum, akuntansi, domisili dan perpajakan sebelum melakukan investasi ke dalam Instrumen Keuangan tersebut sehubungan dengan pengambilan keputusan yang independen atas kesesuaian dan relevansi dari investasi tersebut, jika diperbolehkan untuk melakukan transaksi. Mohon diperhatikan bahwa berbagai jenis investasi, apabila ada dalam dokumen ini, melibatkan berbagai tingkatan risiko dan tidak terdapat jaminan bahwa investasi tertentu cocok, sesuai atau menguntungkan bagi investor atau calon investor dari investasi portofolio ini.    Dengan memperhitungkan risiko ekonomi dan risiko pasar, tidak ada jaminan bahwa Instrumen Keuangan ini akan mencapai tujuan investasinya. Imbal hasil dapat dipengaruhi  oleh, antara lainnya, strategi atau tujuan investasi dari Instrumen Keuangan ini dan juga kondisi pasar dan kondisi ekonomi, termasuk kondisi tingkat suku bunga, periode pasar dan kondisi pasar secara umum. Perbedaan strategi yang diterapkan ke dalam Produk Investasi ini dapat memberikan pengaruh yang signifikan terhadap gambaran hasil dalam dokumen ini. Kinerja masa lalu bukan suatu pedoman untuk kinerja masa datang dan nilai investasi dalam Instrumen Keuangan dapat menurun atau meningkat. Investor mungkin tidak mendapatkan kembali nilai nominal atas investasi awal. Data Kinerja, sebagaimana berlaku, tercermin dalam dokumen ini, tanpa memperhitungkan biaya komisi, atau biaya lainnya yang berhubungan dengan pembelian dan penjualan kembali dan perhitungan pajak. * PT. BNP Paribas Investment Partners (alamat: World Trade Center Building, Lantai 5, Jl. Jend Sudirman Kav.29-31, Jakarta 12920 - INDONESIA).  ** “BNP Paribas Investment Partners” adalah merek dagang global dari BNP Paribas group aset manajemen. Badan hukum aset manajemen tersendiri dalam BNP Paribas Investment Partners yang disebutkan dalam dokumen ini, (apabila ada) hanya untuk informasi dan dapat tidak memiliki kegiatan usaha dalam yuridiksi anda. Untuk informasi lebih lanjut, mohon dapat menghubungi Investment Partner lokal yang terdaftar.
  • 21/12/2017
    (The following statement was released by the rating agency) HONG KONG, December 20 (Fitch) Fitch Ratings has upgraded Indonesia's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BBB', from 'BBB-'. The Outlook is Stable. A full list of rating actions is at the end of this rating action commentary. KEY RATING DRIVERS The upgrade of Indonesia's IDRs reflects the following key rating drivers:- Indonesia's resilience to external shocks has steadily strengthened in the past few years, as macroeconomic policies have consistently been geared towards maintaining stability. A more flexible exchange-rate policy since mid-2013 has helped foreign reserve buffers swell to USD126 billion as at November 2017, reaching seven months of current account payments, compared with the 'BBB' median of six months. Moreover, monetary policy has been sufficiently disciplined to limit bouts of volatile capital outflows during challenging periods. Macro-prudential measures have helped curb a sharp rise in corporate external debt, while financial deepening has coincided with improved market stability. The focus on macro stability is also evident in credible budget assumptions in the previous few years. Indonesia's resilience has improved, but external challenges remain, including potential emerging market pressure in the context of the US Federal Reserve's policy normalisation. Indonesia's dependence on commodities remains relatively high and both its net and gross external debt (166% of current account receipts; 'BBB' median: 130%) remain elevated compared with 'BBB' peers. Domestically, the possibility that political noise becomes a distraction from economic policy-making in the run up to the 2018 local elections and 2019 presidential election represents a risk to the strong reform drive and could undermine domestic and foreign market sentiment, although such an outcome is not Fitch's base case. The government's concerted structural reform drive is improving a still-challenging business environment. Implementation of measures to reduce business procedural and permit requirements have sharply improved Indonesia's position in the World Bank's Ease of Doing Business ranking to 72nd out of 190 countries; a rise of 37 places in two years. The reforms also seem to be contributing to stronger external finances, with foreign direct investment (FDI) picking up in recent quarters to such an extent that Fitch expects net FDI to cover the current account deficit over the next few years. Indonesia's 'BBB' IDRs also reflect the following key rating drivers:- GDP growth remains strong against peers, as illustrated by average 5.1% growth over the previous five years ('BBB' median: 3.2%), although this is still short of the above 6% levels prior to the terms-of-trade shock in 2012. Fitch expects GDP growth to rise to 5.4% in 2018 and 5.5% in 2019, from 5.1% in 2017. Indonesia is benefiting from the global pick-up in trade and stabilising commodity prices. Investment is also set to gain further momentum on higher public infrastructure spending, lower borrowing costs and structural reform implementation. A low general-government debt burden of 28.5% of GDP in 2017, as expected by Fitch, compares well with the 'BBB' median of 41.1%. The government is adhering to a self-imposed budget-deficit ceiling of 3% of GDP, which has helped maintain investor confidence in Indonesia during times of market turbulence. The government's 2018 deficit target of 2.2% of GDP exhibits a conservative approach, providing leeway for budgetary pressure in an election year. Fitch believes the deficit outturn is more likely to remain broadly stable at 2.7% of GDP, and stay within the 3% ceiling. The government's revenue intake is very low; among Fitch-rated sovereigns, only four have lower government revenue as a percentage of GDP. This constrains direct-government financing of infrastructure projects and increases reliance on state-owned enterprises (SOE) to address the large infrastructure deficit. Hence, non-financial SOE debt of 4.5% of GDP as of July 2017 is likely to increase substantially in the coming few years, raising the state's contingent liabilities. Fitch considers the sovereign's exposure to banking-sector risks as limited. Private credit represents only 37% of GDP and the banking sector's capital adequacy ratio remains strong, at 23.2% in October 2017. Banks' non-performing, special mention and restructured loan ratios stabilised in 2017. Risks that built up in the previous credit cycle led to deferral of private-sector capital expenditure and a rise in gross non-performing loans to 3.0% of total assets as of October 2017, from a low of 1.8% at end-2013. Indonesia's economy continues to exhibit some structural weaknesses, notwithstanding recent improvements from reform implementation, and is less developed on a number of metrics than that of many peers. Average per capita GDP is low at USD3,780, compared with the 'BBB' range median of USD11,173, and governance remains weak, compared with rating category peers, as illustrated by a low World Bank governance indicator score in the 45th percentile, albeit improving from 42nd a year ago ('BBB' median: 60th percentile). SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns Indonesia a score equivalent to a rating of 'BBB' on the Long-Term Foreign-Currency IDR scale. Fitch's sovereign rating committee did not adjust the output from the SRM to arrive at the final Long-Term Foreign-Currency IDR. Fitch's sovereign rating committee decided to remove the -1 notch QO adjustment it had previously applied to Indonesia's SRM output in respect of External Finances. In Fitch's view, Indonesia's External Finances have become more resilient to potential external vulnerabilities as a result of the consistent focus of the government's policy framework on macroeconomic stability and the improvement in external buffers, including foreign-exchange reserves. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign-Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within our criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES The main factors that, individually or collectively, could trigger positive rating action are: - Further strengthening of external finances, for instance, by expansion of the manufacturing export base and lower commodity export dependence or a decline in external debt levels. - Continued improvement of the business environment and governance standards. - An improvement in the government revenue ratio from better tax compliance and a broader tax base. The main factors that, individually or collectively, could trigger negative rating action are: - A sharp and sustained external shock to foreign and/or domestic investor confidence, with the potential to cause external financing difficulties. - Adverse political developments that lead to a removal of the budget deficit ceiling as a fiscal anchor, increasing the overall public debt burden. - A weakening in macroeconomic prospects, for example, from a change in the authorities' focus on monetary stability or reversal of reforms to the business environment. KEY ASSUMPTIONS - The global economy performs broadly in line with Fitch's Global Economic Outlook (December 2017). Full list of rating actions: Long-Term Foreign-Currency IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable Long-Term Local-Currency IDR upgraded to 'BBB' from 'BBB-'; Outlook Stable Short-Term Foreign-Currency IDR upgraded to 'F2' from 'F3' Short-Term Local-Currency IDR upgraded to 'F2' from 'F3' Country Ceiling affirmed at 'BBB' Issue ratings on long-term senior unsecured foreign-currency bonds upgraded to 'BBB' from 'BBB-' Issue ratings on long-term senior unsecured local-currency bonds upgraded to 'BBB' from 'BBB-' Issue ratings on short-term senior unsecured local-currency bonds upgraded to 'F2' from 'F3' Issue ratings on Perusahaan Penerbit SBSN Indonesia III global certificates (sukuk) upgraded to 'BBB' from 'BBB-' Contact: Primary Analyst Thomas Rookmaaker Director +852 2263 9891 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Sagarika Chandra Associate Director +852 2263 9921 Committee Chairperson Tony Stringer Managing Director +44 20 3530 1219 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable Criteria Country Ceilings Criteria (pub. 21 Jul 2017) here Sovereign Rating Criteria (pub. 21 Jul 2017) here Sukuk Rating Criteria (pub. 14 Aug 2017) here Additional Disclosures Dodd-Frank Rating Information Disclosure Form here Solicitation Status here#solicitation Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE. 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Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers. For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no. 337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001 Fitch Ratings, Inc. is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (the "NRSRO"). While certain of the NRSRO’s credit rating subsidiaries are listed on Item 3 of Form NRSRO and as such are authorized to issue credit ratings on behalf of the NRSRO (see here), other credit rating subsidiaries are not listed on Form NRSRO (the "non-NRSROs") and therefore credit ratings issued by those subsidiaries are not issued on behalf of the NRSRO. However, non-NRSRO personnel may participate in determining credit ratings issued by or on behalf of the NRSRO.Source : www.reuters.com/article/us-uber-court/uber-dealt-blow-after-eu-court-classifies-it-as-transport-service-idUSKBN1EE0W3W3
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