ICRA Lanka Withdraws Rating of JB Vantage Money Market Fund
|Instrument||Current Rated Amount (LKR Mn)||Rating Action|
|Issuer rating||N/A||[SL]A+mfs; Withdrawn|
ICRA Lanka Limited (“ICRA Lanka”) has withdrawn the the credit risk rating of [SL]A+mfs (pronounced as Sri Lanka A plus mutual fund scheme) of the JB Vantage Money Market Fund (JBMM Fund or “Fund”) which is managed by JB Financial (Pvt) Ltd (JBF), (the unit trust management company). The withdrawal is as a result of termination of rating agreement(s) entered into by JBF with ICRA Lanka, pursuant to the decision by ICRA Lanka to cease its business operations in Sri Lanka.
The termination of the rating agreement(s) is as per Rule 88(b) of the Credit Rating Agency Rules promulgated under the Securities and Exchange Commission of Sri Lanka Act No. 19 of 2021 (the “SEC Act”).
About the Company
JB Financial (Pvt) Ltd
JB Financial (Pvt) Ltd (“JBF”) was incorporated in 1994, and operates as a Unit Trust Fund Manager which is licensed and regulated by the Securities and Exchange Commission of Sri Lanka (SEC). JBF is one of the leading asset management companies in Sri Lanka and acts as the investment manager to the JBMM Fund.
JBMM Fund is an open-ended unit trust Fund approved by the Securities and Exchange Commission of Sri Lanka (SEC). JBMM Fund was launched in August 2011. The fund invests in fixed and call deposits of Banks and NBFIs, repurchase agreements, commercial papers, trust certificates, corporate debentures and government securities including government bonds with maturities of less than one year which can be readily convertible to cash. The overall objective of the Fund is to preserve principal and maintain liquidity through investments in only investment grade securities.
Rating history for last three years:
Subsidiary of ICRA Limited
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