Press Release

JCR-VIS Harmonizes Fund Stability Rating of PICIC Cash Fund

Karachi, May 17, 2012: JCR-VIS Credit Rating Company Limited has harmonized the fund stability rating (FSR) of PICIC Cash Fund (PCF) at ‘AA+(f)’ (Double A Plus (f)).

PCF is structured as a money market fund. The investment policy mandates that at least 40% of net assets have to be invested in government securities and remaining exposures by the fund are subject to minimum credit rating of ‘AA’. In view of this, exposure to credit risk is expected to remain low. As per a latest policy revision, target duration has been revised downwards from 90 to 60 days. In line with the investment policy, at end- March 2012, 63% of the total assets were invested in government securities and remaining assets comprised investments in short term Sukuks and placements with financial institutions. Weighted average time to maturity of fund’s assets was 59 days at end-March 2012.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-70 or fax to 021-35311872-3.



Faheem Ahmad
President & 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 May 17, 2012 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.