Press Release
JCR-VIS Reaffirms Fund Stability Rating of Faysal Islamic Savings Growth Fund
Karachi, August 2, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Faysal Islamic Savings Growth Fund (FISGF) at ‘AA-(f)’ (Double A Minus (f)).
The assigned rating incorporates low risk arising from exposures assumed by the fund along with exposure limits laid down in operational investment policy. Maximum limit for weighted average maturity/duration of the fund is 180 days. Actual duration of the fund is around 44 days, depicting low exposure to interest rate risk.
Credit risk profile of assets is in line with operational investment policy, which envisages minimum allocation of 90% to issues/issuers having rating of ‘AA-’ or higher. At end- June’13 around 38% of the fund was invested in government backed securities while bulk of funds have been placed in form of cash and bank balances with ‘AA+’ rated institutions. Exposure was maintained in commercial paper of power sector related companies having rating of ‘AA+’ to the extent of 9.1% at end-June’13. Net assets of the fund have depicted some increase on a timeline basis while concentration in unit holding also stood lower at end-Dec’12 as compared with prior year.
For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA at 021-35311861-70 (Ext. 603) or Mr. Maimoon Rasheed at 042-36610681-84 or fax to 021-35311873.
Jamal Abbas Zaidi
Deputy CEO