Karachi, January 28, 2016 (PPI-OT): JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has revised the Fund Stability Rating of NAMCO Income Fund (NIF) from ‘BB(f)’ (Double B(f)) to ‘BB-(f)’ (Double B Minus (f)) The previous rating action was announced on January 06, 2015.
With a fund size of Rs. 3.4m at end-1HFY16, NIF continues to remain non-compliant with the mandatory minimum fund size requirement of Rs. 100m. At end 1HFY16, around 97% of the fund’s assets were deployed in cash and bank balance with ‘A’ rated bank while remaining was held as security deposits. During FY15, NIF booked reversal of provisioning against a non performing investment positively reflecting on fund’s return. During 1HFY16, the fund posted negative return and was ranked lowest in its peer group. The AMC is the single largest investor in the fund.
For more information, contact:
Ms. Sobia Maqbool
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi