Lahore, October 11, 2021 (PPI-OT): The rating reflects the Fund’s adequate credit risk profile emanating from its asset allocation, of which ~62% invested as cash placements in banks having rating ‘A’ and above, ~16% is invested in spread transactions and ~20% in others. The offering document of the Fund allows it to invest in banks rated ‘A’ and above. The duration of the Fund remained 24 days, at Jun’21. The unit holding pattern of the Fund is concentrated with the top 10 investors representing ~77% of portfolio, out of which ~40% consisted of related parties which has kept the redemption pressure to moderate level.

Going forward, the Fund intends to maintain it’s exposure with Banks rated ‘A’ and above. Material changes in the Fund’s asset allocation strategy, which could negatively impact the fund’s credit quality and exposure to interest rate risk, remain critical for the rating.

For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com