Karachi, December 30, 2016: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of JS Cash Fund (JS-CF) at ‘AA+(f)’ (Double A Plus(f)). Previous rating action was announced on December 31, 2015.
Over FY16, the asset allocation was altered by shifting resources from T-Bills towards saving accounts in banks. As per the investment policy statement, the fund is required to invest in short term duration instruments; thus, the duration is expected to remain within limits. Moreover, to ensure adequate credit quality investment is subject to minimum credit quality of ‘AA’. Redemptions from retail investors and related parties were experienced over the period under review; corporates remained the major investors. Attributable to above mentioned action, granularity further declined. However, there are sufficient liquid assets in the fund to meet any redemptions that may come up.
For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 207) or the undersigned (Ext: 201) at 021-35311861-70 or fax to 021-35311872-3.
Applicable Rating Criteria: Methodology - Fund Stability Ratings (February 2012)
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