Press Release
JCR-VIS Reaffirms Fund Stability Rating of ABL Islamic Income Fund
Karachi, January 16, 2018: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Islamic Income Fund at ‘A(f)’ (Single A (f)). The previous rating action was announced on December 30th, 2016.
The rating incorporates policy guidelines and actual investment allocation portfolio. On average basis, more than half of net assets are held as cash and bank balances, thus supporting liquidity. Credit quality of exposures has remained in line with JCR-VIS’s criteria for the assigned rating with investments comprising exposures in at least ‘A’ rated investment avenues. There was no duration breach according to internal and JCR-VIS set policies.
Net assets of the fund increased to Rs. 3.9b (FY16: Rs. 3.3b) by end-FY17, with growth stemming from unrelated corporate investors. However, investor concentration in the fund has increased over the year.
For further information on this rating announcement, please contact the undersigned at 021-35311861-70 or Maimoon Rasheed at 042-35723411 or fax to 021-35311872.
Jamal Abbas Zaidi
Advisor
Applicable Rating Criteria: Fund Stability Ratings (December 2017)
http://jcrvis.com.pk/docs/FSRMeth-201712.pdf