Karachi, May 17, 2012 (PPI-OT): JCR-VIS Credit Rating Company Limited has harmonized the fund stability rating (FSR) of PICIC Cash Fund (PCF) at ‘AA+(f)’ (Double A Plus (f)).
PCF is structured as a money market fund. The investment policy mandates that at least 40% of net assets have to be invested in government securities and remaining exposures by the fund are subject to minimum credit rating of ‘AA’.
In view of this, exposure to credit risk is expected to remain low. As per a latest policy revision, target duration has been revised downwards from 90 to 60 days. In line with the investment policy, at end- March 2012, 63% of the total assets were invested in government securities and remaining assets comprised investments in short term Sukuks and placements with financial institutions. Weighted average time to maturity of fund’s assets was 59 days at end-March 2012.
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