Press Release
VIS Assigns Initial Fund Stability Rating to Alfalah Stable Return Fund Plan-XVIII
Karachi, December 31, 2025: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA+ (f)’ (Double A plus (f)) to Alfalah Stable Return Fund Plan-XVIII (‘ASRFP-XVIII’ 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.
ASRFP-XVIII was launched in February 28, 2025, with Assets Under Management (AUM) of PKR 1,506m and increasing to PKR 1,578m by August 2025. The primary objective of the Fund is to generate returns on investment as per the respective Investment Plan by investing in avenues such as government securities, cash in bank account, money market placements, deposits, certificate of deposits, certificate of musharakahs.
The assigned rating reflects the Plan’s asset allocation strategy, which is in line with the parameters outlined in the offering document, with investments primarily placed in Government Backed and Government Securities. Rating also takes into account the Plan’s credit quality, with exposures predominantly in Government Securities, while the offering document allows for investments in avenues as low as AA.
The Plan’s liquidity profile is considered sound due to its placements in liquid assets. The investor base comprises only four investors, indicating high concentration risk. However, the placement in liquid assets mitigates redemption risk. In terms of performance, the Plan is positioned in the second quartile relative to peers.
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