Karachi, October 16, 2020 (PPI-OT):VIS Credit Rating Company Limited (VIS) has upgraded the Fund Stability Rating (FSR) of Al-Ameen Islamic Aggressive Income Fund (AIAIF) to ‘A(f)’ (Single A(f)) from (BBB+) (Triple B plus(f)). The previous rating action was announced on December 31, 2020.
The rating revision incorporates changes in the investment policy statement (IPS) of the fund whereby the fund can take maximum 15% exposure in ‘A-’ rated instruments/placements, with the remaining exposure being in ‘A’ and above rated instruments/placements. The upgrade is also supported by a revision in the duration of the fund being capped at 1.25 years. Actual asset allocation has remained in line with the assigned rating threshold with more 86% of the fund’s exposure being allocated in ‘AA-’ and above rated instruments. The fund’s actual asset allocation plan complies with the stipulated limits of the Offering Document (OD). Actual WAM and duration of the fund has remained in line with the threshold.
Launched in October 2007, Al-Ameen Islamic Aggressive Income Fund is an open-end Shariah Complaint Aggressive Income Fund designed to provide its investors with long-term risk adjusted returns through investments in medium to long-term Shariah Compliant income instruments and short-term money market securities in Pakistan.
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