Fitch Ratings, the agency that is beginning to grade funds of hedge funds, has given its first rating to Olympia Capital Management. And Mr. and Mrs. Olympia Capital can be pretty proud of their child.

Olympia received the second highest rating possible: FoHF M2 (Strong), based on “considerable experience the firm has acquired in FoHF management since its debut in 1989, the high profile of its senior management and the strong processes in place for hedge fund selection, portfolio construction and risk management.” Fitch will continue to monitor Olympia Capital Management on an on-going basis.

The highest rating is "FoHF M1," with four decreasing levels ending at "FoHF M5."

Olympia Capital Management is the main subsidiary of the Paris-based Olympia Group of Companies and manages more than US$6 billion of assets predominantly in funds of hedge funds.