Press Release
VIS Reaffirms Fund Stability Rating of UBL Money Market Fund
Karachi, December 31, 2025: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA+(f)’ (Double A Plus (f)). The medium to long-term fund rating of ‘AA+’ denotes High degree of stability in Net Asset Value; Risk is modest but may vary slightly from time to time because of changing economic conditions. The previous rating action was announced on January 09, 2025.
Launched in October 2010, UBL Money Market Fund (UMMF) is an open-end money market fund, managed by UBL Fund Managers Limited. The objective of the fund is to generate competitive returns within a low-risk portfolio to provide a regular stream of income and easy liquidity to its investors by investing a major chunk of the portfolio in short term government securities.
During FY25, the Fund demonstrated strong growth momentum, with Assets Under Management expanding to Rs. 65.3 billion as of June 2025. Portfolio allocation remained fully aligned, with investments predominantly in T-bills, supplemented by cash balances, and placements with DFIs and banks, reinforcing a conservative asset mix. Credit quality remained robust, with approximately 92% of the portfolio invested in Government Securities and AAA-rated instruments. Market risk was effectively managed through a short maturity profile, while liquidity remained strong. Although the investor base shifted toward corporate clients during the period, client concentration risk remained low. The fund outperformed its benchmark while remaining in line with the peer average.
For further information on this ratings announcement, please contact at 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