Press Release

JCR-VIS Reaffirms Fund Stability Rating of First Habib Cash Fund

Karachi, November 20, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the fund stability rating (FSR) of First Habib Cash Fund (FHCF) at ‘AA(f)’ (Double A (f)).

The operational investment policy of FHCF along with its actual asset allocation depicts low risk appetite. Exposures assumed by the fund have remained aligned with the investment policy. At end-Sep’13, exposure in government securities represented 86% of assets with remaining assets largely deployed in TDRs and cash and bank balances having rating of at-least ‘AA’. Resultantly, credit quality of the fund is considered sound. The fund also has low sensitivity to interest rate movement, reflected by its weighted average maturity of 22 days at end-June-13.

While investor profile features high concentration, the ability of the fund to meet redemptions is considered sound in view of the liquidity profile of exposures held by the fund. The fund may nevertheless benefit from a diversified investor base. Return of the fund during FY13 was slightly below the benchmark rate which is the average of 3-m PKRV rate.

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.



Abdul Rahim ACII
Advisor

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