Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Income Fund

Karachi, December 29, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Income Fund (HBL IF) at ‘A(f)’ (Single A (f)). The previous rating action was announced on January 05, 2017.

HBL IF aims to provide a stable stream of income with a moderate to low risk investment strategy. Actual asset allocation was in alignment of its internal policy guidelines. Moreover, adequate liquidity level was maintained as signified by a sizeable portion of net assets held as cash and in saving accounts. On average, approximately 75% of the investments were parked in ‘AA-’ and above rated securities; ensuring a conservative risk profile. Furthermore, Weighted Average Time to Maturity (WATM) and duration remained within the specified limits as per the operational investment policy. Going forward, rating of the fund will remain dependent on complying with credit risk policy and maintaining duration of the fund in line with JCR-VIS’s criteria for the assigned rating.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.

Jamal Abbas Zaidi
Advisor

Applicable rating criteria: Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/Images/FSRMeth-201202.pdf

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 December 29, 2017 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.