Press Release

VIS Reaffirms Fund Stability Rating of UBL Liquidity Plus Fund

Karachi, January 09, 2025: VIS Credit Ratings Company Ltd. (VIS) has reaffirmed Fund Stability Rating (FSR) at ‘AA+(f)’ (Double A Plus (f)). The medium to long-term fund rating of ‘AA+’ denotes high degree of stability in Net Asset Value. Risk factors are modest but may vary slightly from time to time because of changing economic conditions condition. The previous rating action was announced on December 29, 2023.

Launched in June 2009, UBL Liquidity Plus Fund (ULPF) is an open-end money market fund, managed by UBL Fund Managers Limited. The investment objective of the Fund is to provide its unit-holders competitive returns from a portfolio of low-risk, short-duration assets while maintaining high liquidity

Assigned rating incorporates the Fund’s asset allocation, which was largely aligned with the parameters outlined in the offering document. Investments of the Fund was primarily focused on government securities, cash deposits and placement with DFIs. Rating also considers the credit quality of the Fund, with credit exposures largely vested in Govt Sec./AAA rated avenues, in line with the parameters defined in the offering document, which permit investments in assets rated AA and above. During FY24, the weighted average time to maturity (WAM) of the Fund remained below the benchmark defined in the offering document. Liquidity profile of the Fund is supported by its quantum of liquid assets. The Fund’s portfolio is dominated by retail investors. Additionally, client concentration risk is assessed as moderate. In terms of performance, monthly returns fell slightly short of benchmark returns.

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

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 2025 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .