Press Release
VIS Assigns Initial Fund Stability Rating to Alfalah Money Market Fund-II
Karachi, December 8, 2025: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA+ (f)’ (Double A plus (f)) to Alfalah Money Market Fund-II (‘AMMF-II’ or ‘the Fund’). 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.
AMMF-II was launched in December 13, 2024. The primary objective of the Fund is to generate competitive returns, with minimum risk and enhanced liquidity by investing primarily in short-term government securities, term deposits and money market instruments with weighted average time to maturity of Net Assets not exceeding 90 days.
The assigned rating reflects the Fund’s asset allocation strategy and credit quality, which are aligned with the parameters defined in the offering document, with investments primarily held in T-Bills. However, the Fund’s size contracted in August 2025, standing at PKR 882 million.
The Plan has consistently maintained its exposures above the minimum rating threshold of AA. Investments are predominantly held in Government Securities and AAA-rated instruments, underscoring the Plan’s sound credit quality. Maintenance of the same will remain important for the rating, going forward. The Fund’s liquidity profile is considered sound; however, client concentration remains on the higher side. In terms of performance, the Fund’s YTD return outperformed its peer average in August 2025, placing it in the first 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