PPI Original Text (PPI-OT) – JCR-VIS Assigns Capital Protected Fund Rating of AA Capital Protected Fund to Meezan Capital Protected Fund II

Karachi, May 24, 2012 (PPI-OT): JCR-VIS Credit Rating Company Limited has assigned Capital Protected Fund (CPF) rating of ‘AA(cpf)’ (Double A (cpf)) to Meezan Capital Protected Fund II (MCPF-II).

By way of its structure, the fund has very high probability of timely repayment of principal investment at maturity. The capital protection segment of the fund primarily comprises exposure in GoP Ijarah Sukuks that the fund has the intention to hold till maturity. Maturity of these instruments is earlier than the maturity of the fund. Proceeds from maturing Sukuks will be placed in bank deposits with counterparties having at least ‘AA’ rating.

At end-Apr’12, size of the fund was Rs. 441m. Around 69% of the fund’s assets were invested in GoP Ijarah Sukuks, followed by allocation of 20% to equities and remaining to cash and cash equivalents with ‘AA’ rated banks.

For more information, contact:
Mr. Javed Callea
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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