Press Release
VIS Reaffirms Fund Stability Rating of Meezan Cash Fund
Karachi December 27, 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 January 12, 2021.
Meezan Cash Fund (MCF) is an open-end Shariah compliant money market scheme. As per its mandate, the fund aims to provide its investors with maximum returns through deploying assets in specified money market placements and debt securities. Furthermore, MCF offers maximum preservation of principal investment while maintaining high level of liquidity. As at end-Oct’21, net assets declined to Rs. 12.9b (FY21: Rs. 13.6b; FY20: Rs. 14.03b; FY19: Rs. 8.85b). 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.
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 74% of its investments in AAA rated issue/issuer where the fund’s asset based primarily comprised of cash balances.
For further information on this rating announcement, please contact Ms. Asfia Aziz 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://docs.vis.com.pk/docs/FundstabilityRating.pdf