Press Release
JCR-VIS Revises Fund Stability Rating of United Growth & Income Fund to BBB-(f)
Karachi, May 20, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Fund Stability Rating of United Growth & Income Fund (UGIF) from ‘BBB+(f)’ (Triple B Plus (f)) to ‘BBB-(f)’ (Triple B Minus (f)).
The rating change incorporates the increasing proportion of high-risk assets in the investment portfolio. Fund size has consistently declined, with better quality fixed-income instruments with relatively high marketability liquidated to meet redemptions. The management is expecting on-going restructuring in case of one major exposure to bear positively on the fund’s quality of assets and also returns. The results of this restructuring exercise and its impact on exposures held by the fund will be closely tracked. Largest investor in the fund is United Bank Limited (UBL), holding almost three-fourths of outstanding units.
For further information on this rating announcement, please contact Ms. Sabeen Saleem, CFA (Ext: 510) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-70 or fax to 021-35311872-3.
Faheem Ahmad
President & CEO
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 2011 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .