Press Release

JCR-VIS Reaffirms Fund Stability Rating of JS Cash Fund

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.

Javed Callea

Applicable Rating Criteria: Methodology - Fund Stability Ratings (February 2012)

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2016 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited