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

Karachi, December 26, 2014 (PPI-OT): 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 November 20, 2013.

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 at least 60% of assets in Treasury Bills while remaining assets are subject to minimum rating of ‘AA’.

The fund’s constitutive documents also limit Weighted Average Maturity (WAM) at 90 days. Actual asset allocation has remained conservative with average exposure to Treasury Bills having been maintained at 89% during FY14.The fund’s WAM has also remained within the allowed limit. FHCF’s unit holding features concentration, however given the liquidity profile of assets, ability to meet redemptions is considered sound.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

The post JCR-VIS reaffirms Fund Stability Rating of First Habib Cash Fund appeared first on AsiaNet-Pakistan.

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