Press Release

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

Karachi, December 29, 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 05, 2017.

Current rating takes into account fund’s investment in low risk securities of shorter duration and maturity; reflecting high liquidity and low market risk. As compared to preceding year, the fund altered its asset allocation with higher quantum of funds held in the form of cash or near cash instruments. As a result, weighted average time to maturity was reported lower as compared to last year while remaining within maximum policy limit. The fund is allowed to invest in issuer/issue with a minimum credit rating of ‘AA’. Complying with the requirements, the fund invested in AA and above rated instruments/entities. With growth in retail investments, granularity of the fund improved and top-10 investor concentration declined (FY17: 47%; FY16: 72%).

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/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 29, 2017 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.