The JPM Natural Resources and Fidelity Portfolio funds have been downgraded to 'A' from 'AA' in OBSR's latest ratings update.

The downgrade to the JPM Natural Resources fund came after a management change was announced, with Ian Henderson, manager since 1992 handing over lead manager duties to Neil Gregson.

OBSR, which is part of Morningstar, said it downgraded Fidelity Portfolio because it is less convinced of the fund's ability to add value compared to peers.

OBSR also announced the removal of any rating for the Legal & General High Income, which previously had been rated 'Suspended AA'. The suspension was put in place when former manager David North took extended sick leave. OBSR said it needs more time to evaluate the performance under new manager Martin Reeves.

It also suspended the 'A' rating of Aviva Investors European Equity. This follows Aviva's announcement that its European equities will be managed from Paris in future.

New ratings of 'A' were handed to JOHCM Global Emerging Markets Opportunities and Liontrust European Growth. It described the Liontrust fund as "an attractive option for investors seeking a Europe ex UK fund."