Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Income Fund

Karachi, December 26, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Income Fund (HIF) at ‘A (f)’ (Single A (f)). The previous rating action was announced on December 29, 2017.

HIF is an open ended fund which aims to provide a stable stream of income while maintaining a moderate level of risk. Fund size decreased to Rs. 2.5b (FY17: Rs. 4.5b), as at end-June’ 2018 on account of redemptions during the period. During FY18, the fund’s asset allocation plan remained concentrated in cash balances and corporate TFCs. Credit quality has largely been compliant with approved investment limits of the IPS. On an average, the fund parked around 60% of its assets in ‘AA-’ and above rated avenues with the remaining exposure being in line with the stipulations of the assigned ratings. Weighted Average Time to Maturity (WATM) and duration remained within the specified limits as per the operational investment policy.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Fund Stability Ratings (September 2018)
http://jcrvis.com.pk/docs/Fund%20stability%20Rating092018.pdf

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