Press Release

JCR-VIS Reaffirms Fund Stability Rating of BMA Empress Cash Fund
 

Karachi, January 02, 2017: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of BMA Empress Cash Fund (BECF) at ‘AA+(f)’ (Double A Plus(f)). The previous rating action was announced on September 30, 2015.

The fund invests in low risk short term money market instruments while maintaining a high level of liquidity. To ensure minimum exposure to various sources of risks, all issue/issuer exposures are subject to minimum rating of ‘AA’. Asset allocation showcased variation during FY16. The fund reduced its cash and bank balances and started to build exposure in T-Bills. Furthermore, while the duration exceeded the ceiling, it remained manageable on an average basis. The fund needs to maintain it within the stipulated ceiling consistently. Given the nature of investments, credit and market risk on the portfolio is considered minimal. Although investor concentration is high, there is sufficient liquidity to meet redemption requirements.


For further information on this rating announcement, please contact the undersigned (Ext: 201) or Mr. Jamal Abbas Zaidi (Ext: 207) at 021-35311861-71 or at 042-35743413 or fax to 021-35311872-3.




Javed Callea
Advisor

Applicable Rating Criteria: Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/docs/FSRMeth-201202.pdf

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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 2017 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