Press Release
VIS Reaffirms Fund Stability Rating of UBL Liquidity Plus Fund
Karachi, January 09, 2025: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA+(f)’ (Double A Plus (f)). The medium to long-term fund rating of ‘AA+’ denotes high degree of stability in Net Asset Value. Risk factors are modest but may vary slightly from time to time because of changing economic conditions condition. The previous rating action was announced on December 29, 2023.
Launched in June 2009, UBL Liquidity Plus Fund (ULPF) is an open-end money market fund, managed by UBL Fund Managers Limited. The investment objective of the Fund is to provide its unit-holders competitive returns from a portfolio of low-risk, short-duration assets while maintaining high liquidity
Assigned rating incorporates the Fund’s asset allocation, which was largely aligned with the parameters outlined in the offering document. Investments of the Fund was primarily focused on government securities, cash deposits and placement with DFIs. Rating also considers the credit quality of the Fund, with credit exposures largely vested in Govt Sec./AAA rated avenues, in line with the parameters defined in the offering document, which permit investments in assets rated AA and above. During FY24, the weighted average time to maturity (WAM) of the Fund remained below the benchmark defined in the offering document. Liquidity profile of the Fund is supported by its quantum of liquid assets. The Fund’s portfolio is dominated by retail investors. Additionally, client concentration risk is assessed as moderate. In terms of performance, monthly returns fell slightly short of benchmark returns.
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