Crisil has assigned AAAfr rating to ICICI Prudential Fixed Maturity Plan – Series 33 – Plan A, the first-ever rating on equity-linked fixed maturity plan.
The rating indicates that the fund’s portfolio will provide ‘very strong’ protection against losses due to credit defaults. The rated fund has a maturity of 33 months. The 'r' suffix on the rating indicates that payments on the rated instrument have risks other than credit risk: some of the fund’s investments will be in equity-linked debentures.
The fund is managed by IPMF’s asset management company, ICICI Prudential Asset Management Company. The rating is not an opinion on IPAMCL’s willingness or ability to make timely payments to investors. It is also not an opinion on the stability of the fund’s net asset value, as the NAV could vary with developments in the market.
Crisil’s assessment of a bond fund’s credit quality is based on the creditworthiness of the fund’s portfolio.
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