Press Release

JCR-VIS Harmonizes Fund Stability Rating of First Habib Cash Fund
 

Karachi, April 02, 2012: Following the revision in fund stability rating methodology, JCR-VIS Credit Rating Company Limited has harmonized the fund stability rating (FSR) of First Habib Cash Fund (FHCF) from ‘AA+(f)’ (Double A Plus (f)) to ‘AA(f)’ (Double A (f)).

FHCF is structured as a money market fund. As per its investment policy, at least 60% of net assets have to be invested in T-bills and remaining exposures by the fund are subject to minimum credit rating of ‘AA’. Maximum weighted average time to maturity of the net assets cannot exceed 90 days. In line with the investment policy, at end- February 2012, 85% of the total assets were invested in T-bills and remaining assets comprised Term Deposit Receipts placed with commercial banks. Weighted average time to maturity of fund’s assets was 70 days at end-February 2012.


For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-70 or fax to 021-35311872-3.




Jamal Abbas Zaidi
Deputy CEO

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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 2012 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