Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Sovereign Fund at AA-(f)

Karachi, December 28, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Sovereign Fund (MSF) at ‘AA-(f)’ (Double A Minus (f)). The previous rating action was announced on December 29, 2017.

Reaffirmation of rating incorporates fund’s actual asset allocation and credit quality largely remaining compliant with stipulations of the offering document and credit risk criteria of the assigned ratings. Major holding at end-June’18 was concentrated in government backed instruments at 71% (on month-end basis) while the remaining portfolio was parked in cash and placements with banks. While some breaches were noted of the modified duration criteria, the fund has remained compliant with the duration criteria since April’2018. Liquidity profile of the fund draws support from investment in liquid avenues and decrease in investor concentration levels.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 201) or the undersigned (Ext: 207) at 35311861-70 or fax to 35311872-3.


Jamal Abbas Zaidi
Advisor


Applicable rating criteria: Fund Stability Ratings (September 2018)
http://jcrvis.com.pk/docs/Fund%20stability%20Rating092018.pdf

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