Getty ImagesAn upgrade by rating agency CARE in Jharkhand Roads Projects from Care D to Care C resulted in the net asset value of four of Aditya Birla Sunlife Mutual Funds debt schemes gained between 0.32-3.98% in a single day.
ABSL Medium term plan saw the maximum gain of 3.98%, ABSL Dynamic Bond Fund saw gain of 0.81%, ABSL Credit Risk Fund saw gain of 0.55 and the ABSL Short Term Fund saw gains of 0.32%.
Rating agency Care upgraded Jharkhand Roads Projects Implementation Company Pvt Ltd from Care D to Care C. With this all three rating agencies- CRISIL, India Ratings and Care have rated the paper at C. As a result as per external valuation agencies’ matrix, the paper will now get valued at 65% instead of the earlier 50% valuation, which has resulting in the NAVs moving up.
The fund house had stopped accepting fresh money in two of its debt schemes — ABSL Medium Term Fund and ABSL Credit Risk Fundfrom May 22 as it belived it could see substanital gains in some of its papers and did not want to dilute returns for existing investors.
ABSL Medium term plan saw the maximum gain of 3.98%, ABSL Dynamic Bond Fund saw gain of 0.81%, ABSL Credit Risk Fund saw gain of 0.55 and the ABSL Short Term Fund saw gains of 0.32%.
Rating agency Care upgraded Jharkhand Roads Projects Implementation Company Pvt Ltd from Care D to Care C. With this all three rating agencies- CRISIL, India Ratings and Care have rated the paper at C. As a result as per external valuation agencies’ matrix, the paper will now get valued at 65% instead of the earlier 50% valuation, which has resulting in the NAVs moving up.
The fund house had stopped accepting fresh money in two of its debt schemes — ABSL Medium Term Fund and ABSL Credit Risk Fundfrom May 22 as it belived it could see substanital gains in some of its papers and did not want to dilute returns for existing investors.
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