Press Release

JCR-VIS Reaffirms Fund Stability Rating of AKD Aggressive Income Fund at BBB(f)

Karachi, September 26, 2014: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of AKD Aggressive Income Fund (AKDAIF) at ‘BBB(f)’ (Triple B(f)).

In line with its categorization, the fund has flexibility in managing its exposure to various sources of risks, with no thresholds defined for assuming credit risk in addition to which there is no restriction on duration. Asset mix has varied over the last year. On an average, about one-third assets were deployed in Margin Trading System. Exposure to corporate debt instruments has progressively declined over the year, on account of provisions and repayments. From March’14 onwards, the fund has built substantial exposure in PIBs. Accordingly, the fund’s exposure to interest rate risk has increased significantly. Investor concentration levels in the fund continue to be on the higher side on account of which the fund is exposed to a degree of liquidity risk.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 35311861-70 (10 lines) or fax to 35311872-3.



Jamal Abbas Zaidi
Deputy CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited (VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright September 26, 2014 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.