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Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Norway oil fund head unruffled by US downgrade

Posted on 15 August 2011

The U.S. credit rating downgrade by Standard & Poor’s will have no impact on the large holdings of U.S. Treasury bonds by Norway’s oil fund, the head of the agency that manages the fund told MarketWatch in an interview Friday.

“The downgrade will have no effect on our view of the situation in the U.S. nor on the valuation of U.S. Treasurys nor on our holdings in U.S. Treasurys. In a way, it’s irrelevant,” said Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, which manages the oil fund officially known as Government Pension Fund Global……………………………………….Full Article: Source

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