Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Cash Fund

Karachi, December 29, 2017: 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 December 30, 2016.

MCF operates as a Shariah compliant open-ended fund that aims to provide investors maximum return through investing in highly liquid money market and debt securities. To limit exposure to various sources of risks, all exposures are subject to minimum rating of ‘AA’. Weighted average time to maturity (WATM) of the fund is capped at 90 days, while investment in any asset that has time to maturity in excess of six months is not allowed. Given the restrictions on WATM and asset allocation, the fund’s exposure to various sources of risk is expected to remain low. Asset allocation of the fund remained in line with the policy guidelines in FY17 while maximum WATM was reported at 26 days in Sep’2016.

Size of the fund witnessed a slight reduction to Rs. 3.46b (FY16: Rs. 3.54b) at end-FY17. Unit holder concentration in the fund has increased on a timeline basis but remains at adequate levels. Given the fund’s asset mix, ability to meet redemptions is considered strong.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 201) or the undersigned (Ext: 207) at 35311861-70 or fax to 35311872-3.

Jamal Abbas Zaidi

Applicable rating criteria: Fund Stability Ratings (December 2017)

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