JCR-VIS Places Management Quality Rating of Safeway Fund Limited under Rating-Watch Developing Status
Karachi, August 06 2013 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the Management Quality (MQ) rating of ‘AM4+’ (AM Four Plus) assigned to Safeway Fund Limited (SFL) under ‘Rating Watch – Developing’ status, in view of the on-going developments.
SFL has two closed-end funds under management namely, Safeway Mutual Fund Limited (SFWF) and Asian Stocks Fund Limited (ASFL). The resolution to convert these into open-end funds has been approved by the shareholders of SFWF and ASFL. However, the conversion process requires completion of certain procedural and regulatory formalities.
The Securities and Exchange Commission of Pakistan has not issued all the required regulatory approvals as yet, in view of which the conversion process has so far not been completed. The management company currently has a restricted license to manage closed-end funds only.
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