Press Release

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

Karachi, January 14, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Islamic Money Market Fund (HBL IMMF) at ‘AA(f)’ (Double A (f)). The previous rating action was announced on December 26, 2014.

Structured as a Shariah compliant money market fund, operational investment policy and asset allocation of HBL IMMF reflect low exposure to credit and market risk. While earlier the fund had deployed assets in Ijarah Sukuk, no exposure has been witnessed in this avenue during FY15 and in the ongoing year as per month-end details; funds have instead been placed in bank deposits. In line with the investment criteria, counterparties are highly rated banks. While investor concentration levels in the fund are on the higher side, ability to meet redemptions is supported by the liquidity profile of assets.

For further information on this rating announcement, please contact the undersigned (Ext: 517) or Mr. Javed Callea (Ext: 501) at 021-35311861-70 (10 lines) or fax to 021-35311873.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (February 2012)
http://www.jcrvis.com.pk/Images/FSRMeth-201202.pdf

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 14, 2016 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.