Press Release

VIS Reaffirms Fund Stability Rating of ABL Islamic Income Fund

Karachi, January 20, 2020: VIS Credit rating Company (VIS) has reaffirmed the Fund Stability Rating (FSR) of ABL Islamic Income Fund (ABL IIF) at ‘A(f)’ ‘(Single A (f)). The previous rating action was announced on January 16, 2019.

Rating of the fund takes into account asset allocation requisites and credit quality exposures limits. Net assets of the fund decreased to 3.7b (FY18: 5.01b) at end-FY19. On average, more than half of the fund’s assets were deployed in cash placements, meanwhile remaining chunk of investment portfolio incorporated corporate sukuk holdings, TDRs and bank placements. Credit quality exposures remained compliant with VIS criteria for the assigned rating with investments comprising exposure in at least ‘A’ rated avenues. Duration of the fund declined on a timeline basis indicating low market risk.

For further information on this rating announcement, please contact Ms. Maham Qasim at 042-35723411-13 (Ext: 8005) or the undersigned at 021-35311861-70 (201) or email at info@vis.com.pk


Javed Callea
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
https://www.vis.com.pk/kc-meth.aspx

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 20, 2020 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.