Press Release

JCR-VIS Reaffirms Fund Stability Rating of ABL Cash Fund at ‘AA(f)’

Karachi, December 31, 2015: 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)). Last rating action was taken on August 13, 2014.

Established in July 2010, ABL Cash Fund operates as an open end money market fund. The fund has been managed in line with its internal investment policy limits. Average allocation to government securities was 60%, the same as last year. The fund’s minimum authorized investment quality is ‘AA’, which denotes highly rated counterparties. The size of the fund has declined from Rs.15.4b in FY14 to Rs. 6.4b in FY15. This was because corporate investors have shifted their investments to funds with a longer maturity of the underlying to benefit from the decreasing interest rate scenario. Liquidity risk of the fund is mitigated by keeping highly marketable securities in the portfolio.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Jazib Ahmed, CFA (Ext: 510) at 021-35311861-70 or fax to 021-35311873.


Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Methodology - Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/Images/FSRMeth-201202.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, 2015 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.