Press Release
VIS Logo

Press Release

VIS Reaffirms Fund Stability Rating of Meezan Cash Fund

Karachi January 12, 2021: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Cash Fund (MCF) at ‘AA (f)’ (Double A (f)). The previous rating action was announced on December 30, 2019.

Meezan Cash Fund (MCF) is an open-end Shariah compliant money market scheme. The fund aims to provide investors maximum returns through investing in specified money market and debt securities. MCF further offers maximum preservation of principal investment while maintaining high level of liquidity. As per the Investment Policy Statement (IPS), WAM of the fund is capped at 90 days where assets may take exposure in AA and above rated investment avenues. Net assets of the fund witness an increase closing at Rs. 14b (FY19: 8.8b).

Asset allocation and credit quality of the fund remained in line with limits stipulated in investment policy guidelines for the assigned rating. On a monthly average basis the fund managed to park 60% of its investments in AAA rated issue/issuer where the fund’s asset based primarily comprised of cash balances and Corporate Sukuk / Bai Muajjal Placements.

For further information on this rating announcement, please contact Mr. Arsal Ayub (Ext: 216) or the undersigned (Ext: 306) at (021) 35311861-66 or email at info@vis.com.pk .




Faryal Ahmed Faheem
Deputy CEO







Applicable Rating Criteria: Fund Stability Ratings (Dec 2020)
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/FundstabilityRating.pdf

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright January 12, 2021 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.