Press Release
JCR-VIS Reaffirms Fund Stability Rating of ABL Income Fund
Karachi, January 16, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Income Fund (ABL IF) at ‘A(f)’ (Single A(f)). Last rating action was taken on 30th December 2016.
The operational policy of the fund stipulates that a quarter of assets must be deployed in cash and near cash instruments. On average, the fund maintained 20.9% exposure in TFCs with cash & bank balances and government securities mainly comprising remaining investments. Credit quality of exposures has remained in line with JCR-VIS’s criteria for the assigned rating with over fifty percent of investments comprising exposures in at least ‘AA-’ rated investment avenues. There have been no breaches of internal policy limits and JCRVIS internal duration criteria. The same will continue to be tracked by JCR-VIS, going forward.
Net assets of the fund increased slightly to Rs. 3.9b (FY15: Rs. 3.7b) by end-FY17 with the in-flow of both corporate and retail investors; although retail portion decreased during FY17.
For further information on this rating announcement, please contact the undersigned at 021-35311861-70 or Maimoon Rasheed at 042-35723411 or fax to 021-35311872.
Jamal Abbas Zaidi
Advisor
Applicable Rating Criteria: Fund Stability Ratings (December 2017)
http://jcrvis.com.pk/docs/FSRMeth-201712.pdf