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Press Release

VIS Reaffirms Fund Stability Rating of ABL Income Fund

Karachi, January 20, 2020: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of ABL Income Fund (ABL IF) at ‘A(f)’ (Single A (f)). The previous rating action was announced on January 16, 2019.

ABL-IF is an open end fund launched in September 2008. In order to restrict the fund’s exposure in various investments and credit quality, quarter of the fund’s assets must be allocated in cash and cash equivalents. On average the fund maintained more than quarter of its assets in cash balances while other investment avenues comprised TFCs, T-bills and PIBs. Credit quality of exposures has remained in line within the VIS’s criteria for the assigned rating with investment exposure in ‘A+’ and above rated securities.Net assets of the fund further decreased to 1.7b (FY18: 2.8b) at end-FY19. There was no breach in the duration of the fund according to the criterion set by VIS.

For further information on this rating announcement, please contact Ms. Maham Qasim at 042-35723411-13 (Ext: 8005) or the undersigned at 021-35311861-70 (201) or email at info@vis.com.pk


Javed Callea
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
https://www.vis.com.pk/kc-meth.aspx

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 January 20, 2020 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.