Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Islamic Money Market Fund

Karachi, October 21, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HBL IMMF) at ‘AA(f)’ (Double A (f)).

HBL IMMF is designed as a low risk fund, both in terms of the credit exposures assumed by the fund and their interest rate sensitivity. The investment objective of the fund is to seek high liquidity, competitive return and maximum possible preservation of capital for investors by investment in low risk Shari’ah compliant securities.

While average allocation to GoP Ijara Sukuk was significantly low during FY13, the fund had built sizeable exposure in this avenue by the close of the year. Asset allocation is in line with the investment policy of the fund and features low exposure to credit risk. Moreover, weighted average maturity of the fund was recorded at 64 days at end-Jun’13. Unit-holder concentration continues to persist on the higher side.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 35311861-70 (10 lines) or fax to 35311872-3.



Javed Callea
Advisor

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 October 21, 2013 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.