Press Release

JCR-VIS Reaffirms Fund Stability Rating of Faysal Islamic Savings Growth Fund

Karachi, August 2, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Faysal Islamic Savings Growth Fund (FISGF) at ‘AA-(f)’ (Double A Minus (f)).

The assigned rating incorporates low risk arising from exposures assumed by the fund along with exposure limits laid down in operational investment policy. Maximum limit for weighted average maturity/duration of the fund is 180 days. Actual duration of the fund is around 44 days, depicting low exposure to interest rate risk.

Credit risk profile of assets is in line with operational investment policy, which envisages minimum allocation of 90% to issues/issuers having rating of ‘AA-’ or higher. At end- June’13 around 38% of the fund was invested in government backed securities while bulk of funds have been placed in form of cash and bank balances with ‘AA+’ rated institutions. Exposure was maintained in commercial paper of power sector related companies having rating of ‘AA+’ to the extent of 9.1% at end-June’13. Net assets of the fund have depicted some increase on a timeline basis while concentration in unit holding also stood lower at end-Dec’12 as compared with prior year.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA at 021-35311861-70 (Ext. 603) or Mr. Maimoon Rasheed at 042-36610681-84 or fax to 021-35311873.




Jamal Abbas Zaidi
Deputy 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 2013 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .