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VIS Upgrades Fund Stability Rating for ABL Government Securities Fund

Karachi, January 20, 2020: VIS Credit Rating Company Limited (VIS) has upgraded the Fund Stability Rating (FSR) of ABL Government Securities Fund (ABL GSF) to A+(f)’ (Single A Plus (f) from ‘A (f)’ (Single A (f)). Previous rating action was announced on January 16, 2018.

Launched in November 2011, ABL GSF is designed to deliver risk adjusted returns by investing primarily in a diversified pool of debt instruments comprising short and long term government securities. As per the fund’s investment policy, minimum of 70% of the fund’s assets must be deployed in government securities based on quarterly average investments to be calculated on a daily basis. The rating upgrade takes into account the fund’s strong credit quality, modest exposure to market risk and improving liquidity profile. Net assets declined to 2.8b (FY18: 3.1b) at end-FY19 while proportion of retail investments increased. Actual asset allocation and duration of the fund remained compliant with VIS’s criteria during the review period.

For further information on this rating announcement, please contact Ms. Maham Qasim at 042-35723411-13 (Ext: 8005) or the undersigned at 021-35311861-70 (201) or email at info@vis.com.pk


Javed Callea
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
https://www.vis.com.pk/kc-meth.aspx

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 20, 2020 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.