Press Release

JCR-VIS revises Fund Stability Rating of ABL Islamic Income Fund

Karachi, October 16, 2014: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has revised the Fund Stability Rating of ABL Islamic Income Fund from ‘A+(f)’ (Single A Plus(f)) to ‘A(f)’ (Single A (f)).

The revision in rating takes into account change in investment policy, since the time of last review, whereby the fund can assume greater exposure in counterparties rated ‘A’; during FY14, almost one-third of assets, on month end average basis, remained deployed in assets with such risk profile. The fund’s exposure to interest rate risk is expected to remain manageable as return on all long term Islamic instruments are re-priced to market benchmark rates periodically. Investor concentration in the fund is also within manageable limits, having improved on a timeline basis.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 510) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311873.



Jamal Abbas Zaidi
Deputy CEO

Applicable rating criterion: Methodology Update: Fund Stability Ratings (February 2012)

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 October 16, 2014 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.