Press Release

VIS Reaffirms Fund Stability Rating of UBL Liquidity Plus Fund

Karachi, December 31, 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 January 09, 2025.

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.

The assigned rating reflects the Fund’s disciplined asset allocation strategy, which remained fully aligned with the parameters stipulated in the offering document. The portfolio was predominantly invested in Government Securities, cash deposits, and placements resulting in a conservative risk profile. Credit quality remained strong, with exposures largely concentrated in Government and AAA-rated instruments. Market risk was effectively managed, as the Fund consistently maintained its weighted average maturity (WAM) below the prescribed threshold. The liquidity profile is assessed as sound, supported by a high proportion of liquid assets within the portfolio. However, the investor base is predominantly corporate, and concentrated, with a limited number of investors accounting for a significant share of total AUM. Fund performance has remained satisfactory during FY25, delivering returns above its benchmark and in line with the peer average.
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/Methodologies-2025/FSR-Methodology-Jan-2025.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 December 31, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.