Press Release

JCR-VIS reaffirms Fund Stability Rating of Askari Sovereign Cash Fund

Karachi, December 30, 2016: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed Fund Stability Rating of Askari Sovereign Cash Fund (ASCF) at ‘AA+(f)’ (Double A Plus(f)). The previous rating action was announced on December 31, 2015.

Askari Sovereign Cash Fund (ASCF) operates as an open end money market fund with the objective to provide investors with money market instruments with high levels of liquidity. The fund is required to maintain at least 70% of net assets in government securities. Moreover, the fund must invest in instruments having a minimum rating of AA to ensure sound credit quality of the portfolio.

Size of the fund declined to Rs. 963.9m (FY15: Rs. 1,848.0m) at end-FY16 on account of limited potential positive upside available in money market funds in the industry. Net assets of the fund comprising government securities and bank placements ensure that liquidity risk of the fund remains minimal. Actual asset allocation of the fund remained in line with the stipulated policy in FY16.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Javed Callea (Ext: 201) 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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