Press Release

JCR-VIS Reaffirms Fund Stability Rating of AA+(f) to BMA Empress Cash Fund

Karachi, July 11, 2011: JCR-VIS Credit Rating Company Limited has finalized the fund stability rating (FSR) of BMA Empress Cash Fund (BECF) at ‘AA+(f)’ (Double A Plus (f)).

The rating incorporates sound risk profile of the fund as depicted by its investment policy and actual asset allocation. As a money market fund, weighted average time to maturity of the fund cannot exceed 90 days. Duration of the fund at end-Jun’11 was 70 days, signifying low interest rate risk. In addition to compliance with regulatory requirements for money market funds, the operational policy of the fund also lays down further requirements. As per the operational investment policy, for the next 12 months, the fund will invest minimum of 50% of net assets in T-bills. On an average, exposure in T-bills has represented around 74% of total assets during Jan-Jun’11, reflecting high credit quality.

In relation to the substantial growth witnessed by money market funds in the past one year, the fund has demonstrated limited growth. While investor profile features concentration, liquidity profile of the exposures carried by the fund is deemed sound which reflects sound capacity to meet redemptions in a timely manner.


For further information on this rating announcement, please contact Ms. Sabeen Saleem, CFA (Ext: 510) 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 2011 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .