Press Release

JCR-VIS Reaffirms Fund Stability Rating of PICIC Cash Fund

Karachi, January 05, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of PICIC Cash Fund (PCF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on December 28, 2015.

PICIC Cash Fund is structured as a money market fund; in line with its mandate, the fund’s exposure to various sources of risks has been maintained at low end of the risk spectrum. As per asset allocation, the fund has on average maintained around 70% in AAA rated securities. The remaining is largely held in AA or AA+ securities. Given the aforementioned composition, credit risk is considered limited. Weighted average time to maturity of the fund has remained well within limits; therefore market risk is considered manageable. Ability of the fund to meet redemptions in a timely manner is considered sound as majority of net assets are deployed in avenues having strong liquidity.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.



Jamal Abbas Zaidi
Advisor

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

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