Press Release

JCR-VIS Reaffirms Fund Stability Rating of ABL Cash Fund

Karachi, August 13, 2014: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Cash Fund (ABL CF) at ‘AA(f)’ (Double A(f)).

ABL CF is structured as a money market fund; in line with its mandate, the fund’s exposure to various sources of risks has been maintained at low end of the risk spectrum. During FY14, average month-end allocation to government paper was recorded at over 60%, though end-June 2014 level was much lower at 22%. Remaining exposures were maintained with highly rated counterparties, in line with the investment policy, which stipulates minimum issue/issuer rating of ‘AA’. Weighted average maturity of the fund’s assets has varied over the last year, while remaining within maximum policy limit. Investor concentration remains high; short maturity profile and quality of assets mitigates the associated liquidity risk.

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

Javed Callea
Advisor

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 August 13, 2014 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.