Lahore, March 28, 2023 (PPI-OT): Following is the text of press release issued by The Pakistan Credit Rating Agency Limited (PACRA)NBP Government Securities Savings Fund (or the Fund) is a medium profile fund. The assigned rating reflects the Fund’s moderate credit and interest rate risk profile emanating from its investment strategy. Currently, the Fund had allocated ~47.1% in Floater rate PIBs, ~22.4% in banks majority in single A rated bank whereas ~26.9% in T-Bills and 3.6% in others at the end Dec’22.
The duration of the Fund stood at 196 days at the end Dec’22, exposing high interest rate risk. The WAM of the Fund stood at 282 days at the end Dec’22, exposing high credit risk. However, credit risk is manageable due to investment in PIBs. The unit holding pattern of the Fund stood at ~68.4% at the end Dec’22, representing top ten investor concentration. Going forward, any Material changes in the investment policy or the devised rating criteria for the assigned rating would have an impact on the ratings.
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