The rating agency stressed that the new rating is based on the growth of assets under management and the quality of the Fund's portfolio, under the direction of the Norfolk Asset Management Management Team.

Panama Real Estate Development Fund, Inc. (Panred) became the first real estate fund in Panama to achieve the Afi.pa rating for Income Class Participation Shares granted by Moody's Local Panama.

The rating agency stressed that the new rating is based on the growth of assets under management and the quality of the Fund's portfolio, under the direction of the Norfolk Asset Management Management Team.

Eduardo Caballero, CEO of Norfolk Financial Group, said that the recent improvement in the rating by Moody's Local Panama is a significant recognition of the management being carried out at Norfolk Asset Management, SA

“This achievement encourages us to continue working with the same commitment to ensure stability and growth in the income of our clients and strategic partners,” said Caballero.

He added that the rating granted by Moody's reflects the efficient management of the fund's shares, whose investments have demonstrated a solid performance and a notable payment capacity.

Moody's report highlighted that, as of December 31, 2023, the Fund's Share Value stood at US$1,051.78, which represents a net annual return of 6.15% for investors in this strategy.

And an annual net return of 8% is projected for 2024, reflecting sustained growth in the value of investments and continuity in the payment of dividends, which has been constant since its inception in 2019, with uninterrupted monthly distributions since 2020.

The Income Class focuses on investing in stabilized real estate within the Republic of Panama, with the objective of generating income through rental and asset appreciation.

Furthermore, according to information provided by SAFI, the Income Class does not assume risks related to the construction or stabilization of assets, which contributes to its moderate risk profile.