Press Release

VIS reaffirms Fund Stability Rating of Askari Cash Fund
 

Karachi, November 26, 2019: VIS Credit Rating Company Ltd. (VIS) has reaffirmed Fund Stability Rating of Askari Cash Fund (ACF) at ‘AA+(f)’ (Double A Plus(f)). The previous rating action was announced on July 05, 2018.

ACF is an open-end money market fund designed to invest in low risk portfolio while maintaining high liquidity. Net assets of the fund have increased from Rs. 437.4m at end-June 2018 to Rs. 786.0m at end-June 2019. In line with its mandate, the fund’s exposure to various sources of risks has been maintained at low end of the risk spectrum, both by policy and as also manifested in actual asset allocation. As per its Investment Policy Statement (IPS), the fund maintained majority of its assets in AAA rated avenues with credit quality of the fund remaining sound. Over the review period, the fund adhered to the 90 days limit of duration with low market risk. Proportion of retail investments has increased during the year but still depicts room for improvement. The fund needs to ensure granularity in order to support its liquidity position.

For further information on this rating announcement, please contact the undersigned (Ext: 207) at (021) 35311861-66 or fax to (021) 35311872.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Methodology - Fund Stability Ratings (December 2017)
http://vis.com.pk/docs/FSRMeth-201712.pdf

________________________________________________________________________________________________________________________________
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 2019 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited