Press Release

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

Karachi, December 28, 2018: 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)). The previous rating action was announced on December 29, 2017.
BECF operates as an open-end money market scheme investing in low risk short term money market instruments while maintaining a high level of liquidity. Given the restrictions on weighted average time to maturity (WAM) and asset allocation, the fund’s exposure to various sources of risk is expected to remain low. Fund’s investment policy requires the fund to invest in securities with a minimum credit quality rating of AA with which it complied throughout the year. WAM of the fund is capped at 60 days. The fund has largely remained compliant with WAM guidelines during the review period.
Size of the fund remained stable at Rs. 101.5m (FY17: Rs. 100.5m) at end-June’2018. Unit holder concentration in the fund is sizeable; however the fund is largely deployed in liquid avenues providing support to assessment of liquidity profile.
For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 201) or the undersigned (Ext: 207) at 35311861-70 or fax to 35311872-3.



Jamal Abbas Zaidi
Advisor

Applicable rating criteria: Fund Stability Ratings (September 2018)

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 December 28, 2018 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.