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.
Applicable Rating Criteria: Fund Stability Ratings (February 2012)
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