Press Release

JCR-VIS Reaffirms Fund Stability Rating of ABL Income Fund at A+(f)

Karachi, January 17, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Income Fund at ‘A+(f)’ (Single A Plus (f)).

The operational investment policy of the fund allows 100% of net assets to be invested in treasury bills of less than 90 days whilst exposure in T-bills of more than 90 days has been capped at 75% and PIBs at 25% of net assets. Exposure in Term Finance Certificates is capped at 20% of net assets, with minimum instrument rating of ‘AA-’. Reverse Repo against TFCs, commercial papers, COIs & CODs issued by NBFCs are all subject to minimum entity rating of ‘AA’ while term deposits and money market placements are allowed with A+ and above rated institutions. The fund is also allowed to invest up to 10% of net assets in the margin trading system and 5% in spread transactions.

Actual asset allocation strategy has remained conservative, with the fund largely invested in government securities and bank balances with counterparties rated AA and above. Target duration of the fund has been extended from 180 days to 360 days; risk profile of the fund remains commensurate with the assigned rating.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311873.



Jamal Abbas Zaidi
Deputy 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 2013 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .