March 10, 2016
Mumbai
CRISIL reaffirms 'CRISIL AAAmfs' rating on DSP BlackRock Liquidity Fund and DSP BlackRock Ultra Short Term Fund
 
DSP BlackRock Ultra Short Term Fund CRISIL AAAmfs (Reaffirmed)
DSP BlackRock Liquidity Fund CRISIL AAAmfs (Reaffirmed)

CRISIL has reaffirmed its rating on the above-mentioned schemes of DSP BlackRock Mutual Fund (DBMF) at 'CRISIL AAAmfs'. Fund schemes rated 'CRISIL AAAmfs' are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made. The funds are managed by DBMF's asset management company (AMC), DSP BlackRock Investment Managers Pvt Ltd (DBIMPL).
 
The rating indicates CRISIL's opinion on the credit quality of the portfolio of debt securities that the fund holds; the rating does not indicate the AMC's willingness, or ability, to make timely payments to the fund's investors. The rating is also not an opinion on the fund's net asset value (NAV); the NAV can vary with developments in the market.
 
CRISIL's assessment of a rated fund's credit quality is based on the creditworthiness of the fund's portfolio. CRISIL has developed a credit quality matrix to assess the aggregate credit quality of a fund's underlying portfolio. The matrix is a set of credit factors and credit scores derived scientifically from the default and transition rates of CRISIL's long-term ratings. The credit factors reflect the expected default behaviour of the respective securities in the portfolio, and the expected deterioration in their credit quality. The lower the credit factor for each security, the higher would be its inherent credit quality. Credit factors are applied to the proportion of securities in each rating category, to arrive at the weighted average credit score for the portfolio. The rating on the fund is assigned on the basis of the fund's total credit score. A rated fund needs to maintain, at all times, a credit score that is consistent with its assigned rating. Given that the rating is based on the weighted average score of the overall portfolio, the scheme's credit score has cushion to absorb some degree of deterioration in the credit quality of a few securities in the portfolio.
 
About the AMC 
DBIMPL is the AMC of DBMF. DBIMPL manages DBMF's funds in accordance with the provisions of the investment management agreement, the trust deed, the regulations, and the objectives of each fund. DBIMPL had average assets under management of Rs.380.99 billion as on December 31, 2015.

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March 10, 2016

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