JCR-VIS Reaffirms Fund Stability Rating of HBL Money Market Fund
Karachi, December 29, 2017 (PPI-OT):JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Money Market Fund (HBLMMF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on January 05, 2017.
Current rating takes into account fund’s investment in low risk securities of shorter duration and maturity; reflecting high liquidity and low market risk. As compared to preceding year, the fund altered its asset allocation with higher quantum of funds held in the form of cash or near cash instruments. As a result, weighted average time to maturity was reported lower as compared to last year while remaining within maximum policy limit. The fund is allowed to invest in issuer/issue with a minimum credit rating of ‘AA’. Complying with the requirements, the fund invested in AA and above rated instruments/entities. With growth in retail investments, granularity of the fund improved and top-10 investor concentration declined (FY17: 47%; FY16: 72%).
For more information, contact:
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi