JCR-VIS Credit Rating Company Limited reaffirms Fund Stability Rating of Habib Bank Limited Money Market Fund at ‘AA (f)’
Karachi, October 21, 2013 (PPI-OT): JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Money Market Fund (HBLMMF) at ‘AA(f)’ (Double A (f)).
Investment objective of the fund is to seek high liquidity and comparative return for investors by investing in low risk securities of shorter duration and maturity. As per its mandate, investment made by the fund, other than those maintained in government securities are subject to minimum credit rating of ‘AA’.
In case of funds placed with NBFCs/ modaraba, rating shall not be lower than ‘AAA’. Time to maturity of a single instrument cannot exceed six months, with Weighted Average Maturity (WAM) of the fund’s net assets capped at 90 days.
Asset allocation of the fund has remained aligned with the investment policy and accordingly, the fund’s exposure to credit and market risk has been maintained on the lower end of the risk spectrum. At end June 2013, almost 85% of the fund’s assets were deployed in government securities and WAM of the fund’s assets was 62 days. Over the last year, improvement has been noted in the concentration level in unit-holders’ profile.
For more information, contact:
Mr. Javed Callea
JCR-VIS Credit Rating Company Limited
Tel: +9221 35311861 (10 lines) (Ext: 501)
Fax: +9221 35311872-3
E mail: email@example.com
Category: General Business News