Press Release
VIS Upgrades Fund Stability Rating of UBL Money Market Fund
Karachi, March 26, 2026: VIS Credit Ratings Company Ltd. (VIS) has upgraded Fund Stability Rating (FSR) at ‘AAA(f)’ (Triple A (f)) of UBL Money Market Fund. The medium to long-term fund rating of ‘AAA’ denotes highest degree of stability in Net Asset Value; Risk is negligible with very low sensitivity to changing economic conditions. The previous rating action was announced on December 31, 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 8MFY26, the Fund’s Assets Under Management moderated to Rs. 43.8 billion as of February 2026. Portfolio allocation remained aligned with the parameters set out in the offering document, with investments predominantly in cash balances, followed by T-bills and placements with DFIs, reflecting a conservative asset mix. Credit quality remained strong, with approximately 97% of the portfolio invested in Government Securities and AAA-rated instruments. Market risk was effectively managed through the maintenance of a short maturity profile, while liquidity remained robust with the entire portfolio comprising liquid assets. The investor base shifted towards retail clients during the period; while client concentration risk also remained low. During the period, Fund’s performance has remained broadly 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