Press Release

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

Karachi, January 06, 2016: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Liquidity Plus Fund (ULPF) at ‘AA (f)’ (Double A (f)). The previous rating action was announced on August 4, 2014.

ULFP is structured to invest in short tenor financial instruments, while maintaining conservative risk profile. Operational investment policy restricts credit risk exposure of the fund by stipulating a minimum rating criterion of ‘AA’ for investment instruments. Actual asset allocation was tilted towards government securities with average asset allocation to the same being two-third of net assets during FY15.

In line with its mandate, Weighted Average Maturity (WAM) of the fund is capped at 90 days to limit exposure to market risk. Actual WAM has remained in compliance with internal policy limits. Unit holder concentration of the fund has witnessed significant increase at end-FY15, given the noticeable decline in assets under management. However, liquidity risk of the fund is mitigated by the presence of highly marketable assets in the portfolio.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at 35311861-70 or fax to 35311872.



Jamal Abbas Zaidi
Advisor



Applicable Rating Criteria: Fund Stability Ratings (February 2012)

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