We are pleased to announce that we have decided to upgrade the rating of the Fidelity European fund to AA. Our conviction in the fund's manager, Sam Morse, has grown over time. He has a long-term approach, essentially seeking to invest in blue chip companies that can consistently grow their dividends and are attractively priced. Mr Morse has a history of acting as a safe pair of hands in the management of the funds that he has run, and we believe with this fund he has delivered, and will continue to provide long-term investors with an attractive exposure to the region.