Press Release

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

Karachi, December 26, 2014: 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 previous rating action was announced on November 20, 2013.

FHCF is an open-end money market fund; in line with its categorization, exposure to various sources of risks has been maintained at low end of the risk spectrum, both by policy and actual asset allocation. The fund is mandated to hold at least 60% of assets in Treasury Bills while remaining assets are subject to minimum rating of ‘AA’. The fund’s constitutive documents also limit Weighted Average Maturity (WAM) at 90 days. Actual asset allocation has remained conservative with average exposure to Treasury Bills having been maintained at 89% during FY14.The fund’s WAM has also remained within the allowed limit. FHCF’s unit holding features concentration, however given the liquidity profile of assets, ability to meet redemptions is considered sound.

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.



Jamal Abbas Zaidi
Deputy CEO

Applicable Rating Criteria: Fund Stability Ratings (February 2012)

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 26, 2014 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.