Karachi, September 17, 2020 (PPI-OT): VIS Credit Rating Company Limited (VIS) has assigned initial Fund Stability Rating (FSR) of ‘AA (f)’ (Double A(f)) to ABL Islamic Cash Fund (ABL ICF). Launched in February’ 2020, ABL ICF operates as a Shariah compliant money market fund. During the first year of operation the net assets of the fund manifested an increase, net assets were reported at Rs. 1.5b at end-July’20. In order to cater to its mandate, the fund maintains low exposure to risk. Consequently, pre-defined limits have been stated in order to limit deployment in different asset classes. The actual credit quality of exposures remained in line with VIS criteria and the revised IPS.
There was also no breach in duration of the fund during the review period. Retail portion of the fund remained low at less than 1% at end-July’20 while the remaining investment comprises unrelated corporates. The ratings, going forward, are dependent upon maintaining the credit quality, liquidity and duration benchmarks in line with the revised IPS and the VIS criteria.
For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/