Press Release
VIS Reaffirms Fund Stability Rating of HBL Government Securities Fund
Karachi, March 03, 2025: VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Government Securities Fund (HBL-GSF) at AA-(f) (Double A Minus (f)). The FSR of ‘AA-(f)’ denotes high degree of stability in Net Asset Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on January 02, 2024.
Launched in July 23, 2010, HBL GSF is an open-end fund with the objective of providing consistent returns through active investments in a blend of short, medium, and long-term securities issued and/or guaranteed by Government of Pakistan.
The assigned rating reflects the Fund's asset allocation strategy, which is in line with the parameters specified in the offering document. Investments were primarily concentrated in government-backed securities. The portfolio was predominantly allocated to government securities and AAA-rated instruments, largely consistent with VIS benchmarks, however, limited investments in A rated avenues were observed during two months. Going forward, maintaining credit quality in accordance with rating benchmarks will be essential for rating. Weighted average time to maturity (WAM) of the Fund remained within the defined threshold. While client concentration is higher, liquidity profile is supported by significant quantum of liquid assets.
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