Press Release

JCR-VIS Revises Fund Stability Ratings of ABL Cash Fund

Karachi, January 17, 2013: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has revised the Fund Stability Rating of ABL Cash Fund from ‘AA+(f)’ (Double A(f) Plus) to ‘AA(f)’ (Double A(f)).

The rating incorporates the change in the fund’s operational investment policy, whereby target duration of the fund has been extended to 90 days as compared to 60 days previously. Actual duration was reported at 43 days as of November-end 2012, though recorded at higher levels during the last year. Given the credit quality of the fund’s current portfolio and exposure limits outlined in the operational policy, credit risk thereon is expected to remain low. At the end of December 2012, investment in government securities and instruments rated AA+ and above comprised 52% of net assets. Remaining net assets comprised bank placements with counter parties having minimum credit rating of ‘AA’.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311873.




Jamal Abbas Zaidi
Deputy CEO

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 17, 2013 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.