Press Release
JCR-VIS finalizes Fund Stability Ratings of ABL Cash Fund and ABL Islamic Cash Fund
Karachi, November 25, 2010: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has finalized the ‘AA+(f)’ (Double A plus(f)) Fund Stability Rating of ABL Cash Fund (ABL CF) and ‘AA(f)’ (Double A (f)) Fund Stability Rating of ABL Islamic Cash Fund (ABL ICF).
ABL CF is an open-end money market fund while ABL ICF is an open-end Islamic money market fund managed by ABL Asset Management Company Limited (ABL AMC). Both funds were launched on July 30, 2010.
ABL CF had a net asset value of Rs. 2,062m at the end of 1Q11. Annualized return of the fund was higher than the benchmark return i.e. average 3 month deposit rate of AA and above rated Banks. In line with its investment policy, more than 50% of the fund was invested in government securities while the remaining amount was largely invested in TDRs of ‘AA’ (Double A) rated banks. The weighted average time to maturity of net assets was 30 days.
ABL ICF had a net asset value of Rs. 403m at the end of 1Q11. Annualized return of the fund was higher than the benchmark return i.e. average deposit rate of 3 Islamic Banks. The fund was entirely invested in cash in the Islamic banking window of a ‘AA+’ (Double A plus) rated bank. The weighted average time to maturity of net assets was 1 day.
For further information on this rating announcement, please contact the Mr. Javed A. Callea (Ext: 501) or Mr. Zia Usmani (Ext: 507) at 021-35311861-70 or fax to 021-35311873.
Faheem Ahmad
President & CEO