Press Release

VIS Reaffirms Fund Stability Rating of HBL Income Fund

Karachi, March 03, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Income Fund (HIF) at ‘A+ (f)’ (Single A plus (f)). The medium to long-term rating of ‘A+ (f)’ denotes moderate degree of stability in Net Asset Value. Risk factors may vary with possible changes in the economy. Previous rating action was announced on January 02, 2024.

Launched in March 17, 2007, HIF is an open-end fund which aims to provide a stable stream of income while maintaining a moderate level of risk.

The assigned rating reflects the Fund's asset allocation strategy, which predominantly adhered to the guidelines specified in the offering document. The Fund's investments were concentrated in cash, government-backed and guaranteed securities, TFCs/Sukuks, MTS spread transactions, T-bills, placements with banks and DFIs, and PIBs. The rating also derives strength from the Fund's credit quality, which remained aligned with VIS benchmarks for the assigned rating, with exposures primarily in government securities and AAA-rated avenues, supplemented by assets rated AA- and A+.

However, the duration of the Fund’s assets has increased over time. Liquidity profile of the Fund is assessed as sound. Additionally, client concentration is considered manageable. Going forward, maintaining credit quality and duration of the portfolio in line with VIS benchmarks will remain important.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.




Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/docs/-FundstabilityRating.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.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 March 03, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.