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Karachi, January 20, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has upgraded the Fund Stability Rating (FSR) for ABL Cash Fund (ABL CF) to ‘AA+ (f)’ (Double A Plus (f)) from ‘AA (f)’ (Double A(f)). Previous Rating action was announced on January 16, 2018.
Launched in July’ 2010, ABL CF operates as a money market fund. The rating upgrade incorporates change in the investment policy statement (IPS) of the fund whereby exposure will primarily be taken in ‘AA+’ or above rated exposures coupled with reduction in the duration of the fund from 90 to 60 days. The actual credit quality of exposures remained in line with VIS criteria and the revised IPS. There was also no breach in duration of the fund during the review period. Net Assets of the fund increased sizably to Rs. 21.2b (FY18: Rs. 13.2b) by end-FY19. Retail portion of the fund slightly increased; meanwhile, the remaining major portion of the investment comprised unrelated corporates as at end FY19.
For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/