Press Release

JCR-VIS Revises Fund Stability Ratings of JS Cash Fund

Karachi, December 20, 2017: JCR-VIS Credit Rating Company Limited has revised the Fund Stability Rating of JS Cash Fund (JSCF) from ‘AA+(f)’ (Double A(f) Plus) to ‘AA(f)’ (Double A(f)). Previous rating action was announced on December 30, 2016.
The rating incorporates management’s intention to modify the fund’s operational investment policy, whereby target duration of the fund has been extended to 90 days as compared to 60 days previously. Actual duration was reported at 22 days on average for the period ending November 2017, though recorded at higher levels during the period. Given the credit quality of the fund’s current portfolio and exposure limits outlined in the operational policy, credit risk is expected to remain low. At end-November 2017, investment in government securities and instruments rated AA+ and above represented 76.9% of net assets. Remaining net assets comprised bank placements with counter parties having minimum credit rating of ‘AA’. Given significant redemptions during the period under review, concentration of the fund increased with top ten investors contributing 78.2%. Liquidity profile of the fund is nevertheless considered sound with assets deployed in low risk and short term instruments.
For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 201) or the undersigned (Ext: 207) at 021-35311861-70 or fax to 021-35311872-3.

Jamal Abbas Zaidi

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 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