Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Cash Fund

Karachi, December 30, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Cash Fund (MCF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on January 12, 2016.
In accordance with the approved investment avenues, MCF’s returns are susceptible to movements in discount and bank deposit rate. As at end June’16, over three-fourth of net assets were held as cash, making the fund highly liquid. Weighted Average Time to Maturity (WATM) remained under the maximum limit of 90 days. Furthermore, the fund maintains minimum credit quality rating of AA for its investments.
As the interest rate environment remained low, return in absolute basis declined which led to sizeable redemptions manifested in the lower AUM of the fund. The redemption largely emanated from institutions due to which top ten investor concentration declined.
For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 207) or the undersigned (Ext: 201) at 35311861-70 or fax to 35311872-3.

Javed Callea

Applicable rating criteria: 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