The Pakistan Credit Rating Agency (Pacra) has upgraded the asset manager rating of JS ABAMCO Limited (Formerly ABAMCO Limited) 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.
Pacra has also upgraded the long-term and the short-term credit ratings of JS ABAMCO to 'AA-' (Double A minus) and 'A1+' (A one plus), respectively. These ratings denote very low expectation of credit risk emanating from very strong capacity for timely payment of financial commitments.
The asset manager 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, capitalising on the company's considerably enhanced capacity, intends to expand assets under management while also launching a series of new funds.
JS ABAMCO's entity ratings reflect sustained improvement in its performance and in turn, the capital structure while maintaining a low risk business profile. Meanwhile, the company's strong franchise value in the country's asset management industry and association with the JS group are also key rating factors.-PR
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