Press Release
VIS Reaffirms Fund Stability Rating of UBL Government Securities Fund
Karachi, December 31, 2025: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA(f)’ (Double A (f)) of UBL Government Securities Fund (UGSF). 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 July 2011, UBL Government Securities Fund (UGSF) is an open-end income fund, managed by UBL Fund Managers Limited. The investment objective of the fund is to generate a competitive return with minimum risk, by investing primarily in Government Securities.
The fund recorded strong growth in AUM during FY25. Assigned rating incorporates the Fund’s asset allocation and credit quality with investments primarily concentrated in government securities. Consequently, ratings are supported by Fund’s strong credit quality, with exposures largely concentrated in government securities and AAA rated assets. However, client concentration risk is elevated, with a significant portion of the portfolio held by a few top investors, while the share of retail and unrelated corporate investors has declined. Fund performance improved during FY25.
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