Karachi, January 02, 2017: JCR-VIS Credit Rating Company Limited has reaffirmed the fund stability rating (FSR) of First Habib Cash Fund (FHCF) at ‘AA(f)’ (Double A(f)). The previous rating action was announced on September 10, 2015.
In terms of asset allocation, FHCF has maintained a conservative risk profile, which conforms to the investment policy statement of the fund. FHCF allocation showcased variation during FY16; assets were largely deployed in T-bills at the beginning of the financial year. From February 2016 onwards, shifting of assets from T-Bills to cash & cash equivalents and placements with banks & DFIs was evident. Remaining assets were largely held as placements with banks/DFIs and cash. Investments comprise AA rated and higher credit quality, thereby having minimal credit risk. Market risk is also considered manageable as Weighted Average Maturity (WAM) and duration has been consistently below 90 days. Unit holding pattern has showcased concentration; however, there is sufficient liquidity to cater to redemption requirements.
For further information on this rating announcement, please contact the undersigned (Ext. 201) or Mr. Jamal Abbas Zaidi (Ext. 207) at 021-35311861-70 or fax to 021-35311873.
Applicable Rating Criteria: Fund Stability Ratings (February 2012
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