Press Release

JCR-VIS Reaffirms Fund Stability Rating of UBL Liquidity Plus Fund

Karachi, May 13, 2013: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Liquidity Plus Fund (ULPF) at ‘AA+ (f)’ (Double A Plus (f)).

Structured as a money market fund, operational investment policy and asset allocation of ULPF reflects low exposure to credit and market risk. According to operational investment policy, at least 70% of net assets are targeted to be deployed in t-bills with maximum maturity of six months; remaining exposures of the fund are subject to minimum rating of ‘AA’. Moreover, duration of the fund is capped at 60 days. At end-Mar’13, 82.5% of total assets were invested in t-bills, remaining assets were invested in ‘AA’ rated exposures. Weighted time to maturity of the fund was 38 days.

Even though concentration in investor profile of the fund features on the higher side, given the strong liquidity profile of investments held by the fund, its ability to meet redemptions in a timely manner is considered sound. With limited exposure of the fund’s investments to credit, market and liquidity risk, susceptibility of the fund’s NAV to downside risk is expected to remain low.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 35311861-70 or fax to 35311872.




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 .