Press Release
VIS Assigns Initial Fund Stability Rating to Alfalah Government Securities Fund Plan - I
Karachi, December 31, 2025: VIS Credit Rating Company Limited (VIS) has assigned the initial Fund Stability Rating (FSR) of ‘AA (f)’ (Double A (f)) to Alfalah Government Securities Fund Plan - I (‘AGSFP-I’ or ‘the Plan’) (issued under Alfalah Government Securities 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.
AGSFP-I was launched in September 10, 2024, with Assets Under Management (AUM) of PKR 5,171m and increasing to PKR 5,811m by September 2025. The primary objective of the Fund is to deliver optimal risk adjusted returns by investing mainly in mix of short to long term Government Securities and other debt instruments.
The assigned rating reflects the Plan’s asset allocation strategy, which is consistent with its stated mandate, with investments primarily placed in Government Securities. Rating also takes into account the Plan’s credit quality. While the offering document allows for investments across broader spectrum of investment grade avenues, assigned rating will remain underpinned on management's operational plan to maintain their credit quality at AA+, going forward.
The Plan’s liquidity profile is considered sound, given its investments in government securities. The investor base comprises only three investors, indicating high concentration risk. However, the placement in liquid assets mitigates redemption risk. In terms of performance, the Plan is positioned in the fourth 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