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JCR-VIS Upgrades Fund Stability Rating of Meezan Islamic Income Fund

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by December 29, 2017 General

Karachi, December 29, 2017 (PPI-OT):JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has upgraded the Fund Stability Rating (FSR) of Meezan Islamic Income Fund (MIIF) to ‘A(f)’ (Single A (f)) from ‘A-(f)’ (Single A Minus(f)). The previous rating action was announced on December 30, 2016.

Rating action incorporates revision in credit risk criteria for the fund whereby MIIF will limit its exposure to minimum ‘A’ rated securities (Previously ‘A-’ rated securities). Actual asset allocation has remained in line with credit risk guidelines set in the investment policy with exposure in A and above rated investment avenues over the review period. Duration of the fund has also remained in line with JCR-VIS’s criteria for the assigned rating. Going forward, rating of the fund will remain dependent on complying with above stated credit risk policy and maintaining duration of the fund in line with JCR-VIS’s criteria for the assigned rating.

Fund size rose by 30% and amounted to Rs. 11.8b (FY16: Rs. 9b) at end-June’2017. Proportion of retail investment increased to 47% (FY16: 42%), which led to dilution in concentration with top 10 investors accounting for a reduced 36% (FY16: 39%) share of net assets.

For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

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