Karachi, May 10, 2012 (PPI-OT): JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has harmonized the Fund Stability Rating of IGI Money Market Fund (IGI-MMF) at ‘AA+( f)’ (Double A Plus (f)).
The assigned rating reflects high degree of stability in Net Asset Value. Exposure to downside risk is considered low as envisaged by the changes in the fund’s investment policy. The fund’s duration has been capped at 60 days, restricting its exposure to market risk. Weighted average maturity of the fund’s assets was 1.54 months at end-March 2012.
The fund’s exposure to credit risk is also considered low, with minimum 50% assets to be deployed in short term government paper and remaining assets subject to minimum rating criterion of ‘AA’. Actual exposure in t-bills has been maintained at much higher levels. At March-end 2012, investment in t-bills comprised 67% of net assets.
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: firstname.lastname@example.org