-JCR-VIS rates First Habib Cash Fund at AA+(f).
BANKING AND CREDIT NEWS-May 5, 2011--JCR-VIS rates First Habib Cash Fund at AA+(f)(C)2011 M2 COMMUNICATIONS http://www.m2.com
5 May 2011 -- Pakistan's JCR-VIS Credit Rating Company said it gave a AA+(f) fund stability rating to money market fund First Habib Cash Fund.
The rating reflects the fund's strong risk profile, with short-term government securities accounting for at least 60% of the fund's assets at all times, the agency said. According to JCR-VIS, the credit risk for the fund is low.
In addition, with weighted average maturity of the investment portfolio capped at 90 days and allocation to marketable instruments, there is limited interest rate and liquidity risk, the agency noted.
At the end of March 2011, First Habib Cash Fund's assets totalled PKR397m (USD4.7m/EUR3.2m). Government securities represented 97% of the portfolio.
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