Press Release

VIS Reaffirms Fund Stability Rating of Alfalah Cash Fund-II (Formerly: Faysal Cash Fund)

Karachi, January 20, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of Alfalah Cash Fund-II (Formerly: Faysal Cash Fund) (‘ACF-II’ or ‘the Fund’) at ‘AA+ (f)’ (Double A plus (f)). The medium to long-term rating of ‘AA+ (f)’ denotes high degree of stability in Net Assets Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on December 27, 2024.

ACF-II, previously operating under the name of Faysal Cash Fund, was Launched in January 2021, as an open-ended money market fund, with the objective to seek maximum possible preservation of capital and a competitive rate of return via investing primarily in money market securities. The Fund was acquired from Faysal Asset Management Limited in Jan’25, following which the size of the Fund increased significantly to PKR 5,599m in Aug’25.

Assigned rating reflects the Fund’s asset allocation strategy, which is in line with the parameters outlined in the offering document, with investments concentrated in T-Bills and cash placements. Assigned rating further incorporates the credit quality of the Fund, with exposures largely in Govt Securities/ AAA rated assets. Maintenance of credit quality will remain important for the assigned rating. Market risk of the Fund is low, with average weighted average maturity (WAM) recorded at 17 days. Liquidity profile of the Fund is considered sound. Corporate investors account for ~97% of the Fund’s portfolio, resulting in elevated concentration risk. In terms of the performance, the Fund is placed in fourth quartile.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.




Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/Methodologies-2025/FSR-Methodology-Jan-2025.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.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 20, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.