Credit where credit's due

Interest has grown in hedge fund rating since Pioneer Global Opportunities became the first fund managed in Europe to be assigned a credit quality by Standard & Poor's i nApril. Standard & Poor's assigns credit quality ratings to bond funds and other managed pools of fixed income assets.

The credit quality rating assigned to a fund addresses levels of protection its portfolio holdings provide against losses from credit defaults. An AAf rating denotes the fund's portfolio holdings provide very

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