Press Release

JCR-VIS Reaffirms Fund Stability Rating of ABL Cash Fund at ‘AA(f)’

Karachi, December 31, 2015: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Cash Fund (ABL CF) at ‘AA(f)’ (Double A(f)). Last rating action was taken on August 13, 2014.

Established in July 2010, ABL Cash Fund operates as an open end money market fund. The fund has been managed in line with its internal investment policy limits. Average allocation to government securities was 60%, the same as last year. The fund’s minimum authorized investment quality is ‘AA’, which denotes highly rated counterparties. The size of the fund has declined from Rs.15.4b in FY14 to Rs. 6.4b in FY15. This was because corporate investors have shifted their investments to funds with a longer maturity of the underlying to benefit from the decreasing interest rate scenario. Liquidity risk of the fund is mitigated by keeping highly marketable securities in the portfolio.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Jazib Ahmed, CFA (Ext: 510) at 021-35311861-70 or fax to 021-35311873.


Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Methodology - Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/Images/FSRMeth-201202.pdf

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