Press Release

VIS Reaffirms Fund Stability Rating of HBL Government Securities Fund

Karachi, March 03, 2025: VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Government Securities Fund (HBL-GSF) at AA-(f) (Double A Minus (f)). The FSR of ‘AA-(f)’ denotes high degree of stability in Net Asset Value. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on January 02, 2024.

Launched in July 23, 2010, HBL GSF is an open-end fund with the objective of providing consistent returns through active investments in a blend of short, medium, and long-term securities issued and/or guaranteed by Government of Pakistan.

The assigned rating reflects the Fund's asset allocation strategy, which is in line with the parameters specified in the offering document. Investments were primarily concentrated in government-backed securities. The portfolio was predominantly allocated to government securities and AAA-rated instruments, largely consistent with VIS benchmarks, however, limited investments in A rated avenues were observed during two months. Going forward, maintaining credit quality in accordance with rating benchmarks will be essential for rating. Weighted average time to maturity (WAM) of the Fund remained within the defined threshold. While client concentration is higher, liquidity profile is supported by significant quantum of liquid assets.

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 .