CEAF Close European

TIDMCEAF

RNS Number : 5439E

Close European Accelerated Fund Ltd

07 April 2011

Close European Accelerated Fund Limited (the "Company")

Update on the Company's Holdings

7 April 2011

The Company currently holds seven debt securities, including a debt security issued by the Portuguese state-owned bank Caixa Geral de Depositos S.A. ("CGD") with a nominal value of GBP6,000,000. The debt security matures in just under four months time on 28 July 2011.

Between 28 March and 31 March 2011, Standard and Poor's Ratings Services ("S&P") lowered its long-term counterparty credit rating on CGD three notches from A- to BBB-. On 6 April 2011, Moody's Investor Services ("Moody's") lowered CGD's senior unsecured debt rating from A1 to Baa1. This aligns the rating of CGD with those of the sovereign state.

The Board monitors credit risk and will consider further action if the credit rating of an issuer falls below A- or A3 as ranked by S&P and Moody's respectively. As a result of the rating agencies actions, the Board considered both the sale and the retention of the CGD debt security, acting in the best interests of the Company and its shareholders. On the basis of the prevailing facts, the Board concluded that it would not be in the best interests of the Company and shareholders to sell the CGD debt security prior to its maturity in July 2011, but will continue to monitor the situation.

For further information contact:

Anson Fund Managers Limited

Secretary

Tel: 01481 722260

E&OE - In transmission

This information is provided by RNS

The company news service from the London Stock Exchange

END

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