Press Release
VIS Assigns Initial Fund Stability Rating to HBL Mehfooz Munafa Fund Plan-III
Karachi, March 03, 2025: VIS Credit Rating Company Limited (VIS) has assigned the Fund Stability Rating (FSR) of ‘AA (f)’ (Double A (f)) to HBL Mehfooz Munafa Fund Plan-III (‘HBL-MMFP-III’ or ‘the Plan’). 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.
HBL-MMFP-III was launched in July 10, 2024, with the primary objective to provide competitive returns to its investors through active investments in low-risk portfolios of short duration, while maintaining high liquidity. The Fund aims to maximize returns through efficient utilization of investment and liquidity management tools.
Assigned rating is reflective of the asset allocation and credit quality parameters laid out in the Offering document. The plan has been in operations for only the last four months, in which Assets Under Management (AUM) size has grown to Rs. 1.5b at the end of Oct 2024. Majority of the investments since inception are vested in Government T-Bills, representing high credit quality, however the plan allows for exposures up to AA rated securities, which impacts the assigned rating. Going forward, maintaining credit quality will remain important for the assigned rating. This fixed rated plan allows for a weighted average maturity of nine months as per the Offering document. Till date the plan adhered to the same. Liquidity profile is supported by higher proportion of liquid asset allocation.
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/docs/-FundstabilityRating.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf