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

Karachi, January 16, 2019: 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 16th January 2018.

ABL GSF is designed to deliver optimal risk adjusted returns by investing mainly in a mix of short to long term government securities and other debt instruments. As per pre-defined exposure limits, the fund must deploy at least 70% of its assets in government securities based on quarterly average investment to be calculated on a daily basis. Credit quality of exposures is sound with sizeable investment in government securities and avenues having a minimum credit rating of ‘AA-’. Net assets declined to 3.1b (FY17: Rs. 3.8b) at end-FY18 while proportion of retail investments reduced slightly. There was no duration breach according to internal and JCR-VIS set policies. Being largely invested in government securities, the liquidity profile of the fund remained sound.


For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 201) or the undersigned (Ext: 207) at 021-35311861-71 or fax to 021-35311872-3.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
http://jcrvis.com.pk/docs/Fund%20stability%20Rating092018.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 16, 2019 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.