Press Release
VIS reaffirms Fund Stability Rating of Askari Cash Fund
Karachi, November 26, 2019: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Fund Stability Rating of Askari Cash Fund (ACF) at ‘AA+(f)’ (Double A Plus(f)). The previous rating action was announced on July 05, 2018.
ACF is an open-end money market fund designed to invest in low risk portfolio while maintaining high liquidity. Net assets of the fund have increased from Rs. 437.4m at end-June 2018 to Rs. 786.0m at end-June 2019. In line with its mandate, the fund’s exposure to various sources of risks has been maintained at low end of the risk spectrum, both by policy and as also manifested in actual asset allocation. As per its Investment Policy Statement (IPS), the fund maintained majority of its assets in AAA rated avenues with credit quality of the fund remaining sound. Over the review period, the fund adhered to the 90 days limit of duration with low market risk. Proportion of retail investments has increased during the year but still depicts room for improvement. The fund needs to ensure granularity in order to support its liquidity position.
For further information on this rating announcement, please contact the undersigned (Ext: 207) at (021) 35311861-66 or fax to (021) 35311872.
Jamal Abbas Zaidi
Advisor
Applicable Rating Criteria: Methodology - Fund Stability Ratings (December 2017)
http://vis.com.pk/docs/FSRMeth-201712.pdf