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Japan Credit Rating-Vital Information Service Assigns Preliminary Fund Stability Rating of AA+(f) to Aqeel Karim Dhedhi Cash Fund

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by January 9, 2012 General

Karachi: JCR-VIS Credit Rating Company Limited has assigned preliminary Fund Stability Rating (FSR) of ‘AA+(f)’ (Double A Plus (f)) to AKD Cash Fund (AKD CF) proposed to be launched by AKD Investment Management Limited.

AKD CF is structured as a money-market fund. As per regulatory requirements, all exposures in a money market fund are subject to minimum credit rating of ‘AA(f)’ (Double A(f)) and weighted average maturity of the fund cannot exceed 90 days.

The operational investment policy of the fund is more conservative, whereby at least 50% of net assets have to be invested in ‘AAA’ (Triple A) rated exposures, up to 50% of net assets can be invested in ‘AA+’ (Double A Plus) rated exposures and not more than 20% of net assets can be invested in ‘AA’ (Double A) rated exposures.

Duration of portfolio of t-bills or any other re-priceable instrument cannot exceed 60 days. Thus, as reflected by the investment policy, the susceptibility of the fund’s net asset value to credit and market risk is expected to be limited.

The rating will be finalized after launch of the fund. Subsequent to its launch, the asset allocation of the fund and its liquidity profile will be tracked by JCR-VIS on a periodic basis.

For more information, contact:
Mr. Javed Callea
Advisor
JCR-VIS Credit Rating Company Limited
Tel: +9221 35311861 (10 lines) (Ext: 501)
Fax: +9221 35311872-3
E mail: javed.callea@jcrvis.com.pk

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