Press Release

JCR-VIS Reaffirms Fund Stability Rating of BMA Empress Cash Fund

Karachi, June 20, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of BMA Empress Cash Fund (BECF) at ‘AA+(f)’ (Double A Plus(f)).

BECF is structured as a money market fund. In addition to regulations applicable to all money market funds, operational investment policy defines minimum exposure limit of 50% for AAA rated exposures or government securities; moreover, duration of the fund is capped at 60 days. Exposures assumed by the fund have remained in line with limits defined in the operational investment policy; on an average, 72% of net assets were invested in T-bills in CY12. Duration of the fund was maintained below 60 days in CY12, based on month-end data. At end-May’13, duration was recorded at 37 days.

Net assets of BECF were around Rs. 795m at end-May’13. Investor profile features concentration. Nevertheless, the ability of the fund to meet redemptions in a timely manner is considered sound. With limited exposure of the fund’s assets to credit, market and liquidity risks, susceptibility of the fund’s NAV to downside risk is considered low.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311872-3.




Jamal Abbas Zaidi
Deputy CEO

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 June 20, 2013 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.