Whilst we continue to have a positive view of the management teams behind these three funds, we believe that market conditions have changed somewhat in recent years and other emerging markets and Asian equity franchises have developed more compelling propositions in what is a highly competitive space. Our ratings are an expression of our conviction in managers' abilities to meet their objectives. In this changing market environment, our conviction in Aberdeen Standard Investments' three offerings to meet their specific performance objectives has waned, and we feel this should be reflected within our fund ratings.

The Aberdeen Emerging Markets Equity fund was previously AAA, and is now A rating, the Aberdeen Asia Pacific Equity fund was previously AA rating, now A, and the Aberdeen Asia Pacific & Japan Equity fund has moved from AA to A rating.