Press Release

JCR-VIS Reaffirms Fund Stability Rating of ABL Government Securities Fund

Karachi, December 30, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Government Securities Fund (ABL GSF) at ‘A (f)’ (Single A (f)). Previous rating action was announced on 31st December 2015.

ABL Government Securities Fund (ABL-GSF) was launched in November’2011, as an open end mutual fund. As per pre-defined exposure limits, the fund must deploy at least 70% of its assets in government securities. On month-end average basis, the fund deployed around two-third of its net assets in government securities. Credit quality of exposures is sound with sizeable investment in government securities and avenues having a minimum credit rating of ‘AA-’. While remaining in compliance with internal policy limits, a few breaches have been noted as compared to JCR-VIS’s internal duration criterion. The same will continue to be tracked by JCR-VIS, going forward. Being largely invested in government securities, the liquidity profile of the fund remained sound.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Javed Callea (Ext: 201) at 021-35311861-70 or fax to 021-35311873.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (February 2012)

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 December 30, 2016 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.