Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Money Market Fund

Karachi, January 05, 2017: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Money Market Fund (HBLMMF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on January 14, 2016.

The assigned ratings take into account fund’s risk-averse investment approach as reflected in asset allocation; over one-third of the portfolio is placed in government securities whereas residual is subject to a minimum credit rating of ‘AA’. Furthermore, given the shorter duration of investments market risk is considered manageable. Over FY16, net assets of the fund declined and resulted in higher concentration levels, however given the high allocation of cash and near cash instruments in the portfolio, liquidity risk is minimal.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/docs/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 January 05, 2017 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.