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

Karachi, January 16, 2019: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Islamic Income Fund (ABL IIF) at ‘A(f)’ (Single A (f)). The previous rating action was announced on January 16th, 2018.

The rating incorporates policy guidelines and actual investment allocation portfolio. Net assets of the fund increased to Rs. 5.01b (FY17: Rs. 3.9b) at end-FY18. 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. Duration of the fund has declined on a timeline basis indicating lower exposure to market risk. Actual risk profile of the fund has been maintained in line with the operational investment policy.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Javed Callea (Ext: 201) at 021-35311861-70 or fax to 021-35311873.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
http://jcrvis.com.pk/docs/Fund%20stability%20Rating092018.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 16, 2019 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.