Press Release

JCR-VIS Reaffirms Fund Stability Rating of Meezan Sovereign Fund at AA-(f)

Karachi, December 28, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of Meezan Sovereign Fund (MSF) at ‘AA-(f)’ (Double A Minus (f)). The previous rating action was announced on December 29, 2017.

Reaffirmation of rating incorporates fund’s actual asset allocation and credit quality largely remaining compliant with stipulations of the offering document and credit risk criteria of the assigned ratings. Major holding at end-June’18 was concentrated in government backed instruments at 71% (on month-end basis) while the remaining portfolio was parked in cash and placements with banks. While some breaches were noted of the modified duration criteria, the fund has remained compliant with the duration criteria since April’2018. Liquidity profile of the fund draws support from investment in liquid avenues and decrease in investor concentration levels.

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 (September 2018)

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 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