Press Release

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

Karachi, December 31, 2018: 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 December 29, 2017.

ULPF was launched with a mandate to provide competitive returns to unit-holders while maintaining a conservative risk profile and high liquidity. The fund’s offering document limits exposure to AA rated and above exposures, with exposure to government securities allowed to the extent of 100% of net assets, representing a conservative risk profile. Actual asset allocation of the fund was dominated by cash and T-Bills in FY18 with the fund remaining compliant with credit quality stipulations.

The current investment policy limits Weighted Average Maturity (WAM) of the portfolio at 90 days while single asset maturity is limited at 6 months. Actual WAM of the fund remained below the ceiling during period under review. Fund size depicted a sizeable increase from Rs. 4.1b in FY17 to Rs. 14.5b at end-FY18. Liquidity profile of the fund is supported by exposure to highly marketable assets.


For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 35311861-70 or fax to 35311872.




Jamal Abbas Zaidi
Advisor


Applicable Rating Criteria: Fund Stability Ratings (September 2018)

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