Karachi, December 29, 2017 (PPI-OT):JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of BMA Empress Cash Fund (BECF) at ‘AA+(f)’ (Double A Plus(f)). The previous rating action was announced on January 02, 2017.
BECF operates as an open-end money market scheme investing in low risk short term money market instruments while maintaining a high level of liquidity. Given the restrictions on weighted average time to maturity (WAM) and asset allocation, the fund’s exposure to various sources of risk is expected to remain low. Fund’s investment policy requires the fund to invest in securities with a minimum credit quality rating of AA with which it complied throughout the year. WAM of the fund is capped at 60 days. The fund has largely remained compliant with WAM guidelines during the review period.
Size of the fund remained stable at Rs. 101.6m (FY16: Rs. 101.5m) at end-June’2017. Unit holder concentration in the fund is sizeable; however the fund is largely deployed in liquid avenues providing support to assessment of liquidity profile.
For more information, contact:
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi