Press Release

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

Karachi, December 24, 2018: JCR-VIS Credit Rating Company Limited has reaffirmed the fund stability rating (FSR) of First Habib Cash Fund (FHCF) at ‘AA(f)’ (Double A(f)). The previous rating action was announced on January 15, 2018.

FHCF is an open-end money market fund; in line with its categorization, exposure to various sources of risks has been maintained at low end of the risk spectrum, both by policy and actual asset allocation. The fund is mandated to hold assets with minimum rating of ‘AA’. The fund’s constitutive documents also limit Weighted Average Maturity (WAM) at 90 days. The fund has largely remained compliant with WAM guidelines during the review period. Actual asset allocation has remained conservative with average exposure in ‘AA’ and above rated investment avenues. FHCF’s unit holding features concentration, however given the liquidity profile of assets, ability to meet redemptions is considered sound.

Net assets showcased an upward trend closing in at 2.8b (FY17: Rs. 1.04b) at end-June 2018. Subsequent to year-end, fund size stood at Rs. 2.7b as at end-November 2018.

For further information on this rating announcement, please contact the undersigned (Ext. 207) or Mr. Javed Callea (Ext. 201) at 021-35311861-70 or fax to 021-35311873.

Jamal Abbas Zaidi

Applicable Rating Criteria: Fund Stability Ratings

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2018 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited