The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (11-January-2007)
    PACRA Upgrades the Asset Manager Rating of
JS ABAMCO Limited
 

 
Analyst
Maimoon Rasheed
(+92-42-586 9504)
maimoon@pacra.com

 

 

 












 

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) has upgraded the asset manager rating of JS ABAMCO Limited (JS ABAMCO) to “AM2+”. The rating denotes the company’s very strong capacity to manage the risks inherent in asset management and the asset manager meets very high investment management industry standards and benchmarks.

The rating reflects JS ABAMCO’s leadership position in the asset management sector emanating from the established track record, diverse product base, experienced and well-qualified management team, and association with a financially strong group. At the same time, the company has strengthened its infrastructure in terms of research, risk management, distribution, and human resources. The management, capitalizing on the company’s considerably enhanced capacity, intends to expand assets under management while also launching a series of new funds.

About the company: Incorporated in 1995, JS ABAMCO Limited (formerly ABAMCO Limited) is the oldest and largest private sector asset management company in Pakistan, registered with the Securities & Exchange Commission of Pakistan (SECP) as an investment advisor for closed-end funds and asset management company for open-end funds. Currently, the company is managing nine funds (including six open-end and three closed-end funds) with assets under management of over PKR 22bln (as at June 30, 2006). It is a subsidiary of Jahangir Siddiqui & Company Limited (JSCL) which has a very strong market standing emanating from its reputation as a well-managed and strong entity carrying a long-term rating of ‘AA+’ from PACRA. The company is in the process of being listed at the Karachi Stock Exchange through an offer for sale of 20% of the existing issued shares.
 
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.

PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings.

PACRA's opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.

 

    
john ruiz