Press Release
VIS Reaffirms Fund Stability Rating of HBL Money Market Fund
Karachi, December 29, 2025: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Money Market Fund (HMMF) at ‘AA+ (f)’ (Double A plus (f)). The medium to long-term rating of ‘AA+ (f)’ denotes high degree of stability in Net Assets Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on March 03, 2025.
Launched in July 14, 2010, HMMF is an open-end fund which offers high liquidity through investment in low-risk securities of shorter duration and maturity.
During FY25, the Fund’s Assets Under Management (AUM) grew by approximately 27%, reaching a peak of PKR 50.9bn in January 2025. The assigned rating reflects the Fund’s asset allocation, which remains aligned with the parameters outlined in the offering document. Investments were primarily concentrated in T-Bills, cash deposits, and placements with banks and DFIs. The rating also factors in the Fund’s credit quality, with exposures largely in Government Securities and AAA-rated avenues. Sustaining credit quality in line with defined benchmarks will remain important for the assigned rating going forward. The Fund’s weighted average time to maturity (WAM) stayed within the limits prescribed in the offering document. The liquidity profile is supported by a significant proportion of liquid assets, with approximately 99% of the portfolio invested in highly liquid instruments. Client concentration is low, further strengthening the Fund’s overall risk profile.
For further information on this ratings announcement, please contact on 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/Methodologies-2025/FSR-Methodology-Jan-2025.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf