Press Release

JCR-VIS finalizes Fund Stability Ratings of ABL Cash Fund and ABL Islamic Cash Fund

Karachi, November 25, 2010: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has finalized the ‘AA+(f)’ (Double A plus(f)) Fund Stability Rating of ABL Cash Fund (ABL CF) and ‘AA(f)’ (Double A (f)) Fund Stability Rating of ABL Islamic Cash Fund (ABL ICF).

ABL CF is an open-end money market fund while ABL ICF is an open-end Islamic money market fund managed by ABL Asset Management Company Limited (ABL AMC). Both funds were launched on July 30, 2010.

ABL CF had a net asset value of Rs. 2,062m at the end of 1Q11. Annualized return of the fund was higher than the benchmark return i.e. average 3 month deposit rate of AA and above rated Banks. In line with its investment policy, more than 50% of the fund was invested in government securities while the remaining amount was largely invested in TDRs of ‘AA’ (Double A) rated banks. The weighted average time to maturity of net assets was 30 days.

ABL ICF had a net asset value of Rs. 403m at the end of 1Q11. Annualized return of the fund was higher than the benchmark return i.e. average deposit rate of 3 Islamic Banks. The fund was entirely invested in cash in the Islamic banking window of a ‘AA+’ (Double A plus) rated bank. The weighted average time to maturity of net assets was 1 day.

For further information on this rating announcement, please contact the Mr. Javed A. Callea (Ext: 501) or Mr. Zia Usmani (Ext: 507) at 021-35311861-70 or fax to 021-35311873.


Faheem Ahmad
President & 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 2010 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .