Press Release
VIS Reaffirms Fund Stability Rating of HBL Government Securities Fund
Karachi, December 29, 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 medium to long-term rating of ‘AA- (f)’ indicates 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 March 03, 2025.
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. The Fund’s investments were primarily concentrated in government-backed securities, including T-Bills, PIBs, and cash, with a significant portion also held in AAA-rated instruments, consistent with assigned rating benchmarks. Maintaining the same will remain important for the Fund’s rating going forward. The liquidity profile is supported by a substantial portion of investments held in liquid assets, reducing redemption risk.
For further information on this ratings announcement, please contact on 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