Press Release
VIS Reaffirms Fund Stability Rating for ABL Cash Fund
Karachi, January 18, 2022: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) for ABL Cash Fund (ABL CF) to ‘AA+ (f)’ (Double A Plus (f)). Previous Rating action was announced on December 31, 2020.
Established in July’ 2010,
ABL CF operates as a money market fund. Credit quality metrics remained in line with VIS criteria and the fund’s Investment Policy Statement (IPS). No breaches were witnessed during FY21.
Net Assets of the fund exhibited an increase of 29% to Rs. 34.b (FY20: Rs. 26.9b) at end-June’21. The fund’s asset allocation plan remained primarily concentrated in cash balances and T-bills while remaining investment portfolio comprised money market placements and bank deposits. In line with the fund’s IPS which restricts exposure in below ‘AA’ rated instruments, average allocation remained largely vested in ‘AAA’ and ‘AA+’ exposures, accounting for 84% and 14% of total AUMs, respectively, during FY21. For the assigned rating, the fund remained compliant with the Weighted Average Maturity (WAM) which is capped at 90 days. Portion held by retail investors and associates decreased during the year on account of sizeable increase in investment by unrelated corporates.
For further information on this rating announcement, please contact Syed Fahim Haider at 042-35723411-13 (Ext: 8006) or the undersigned at021-35311861-70 (Ext: 306) or email at info@vis.com.pk
Faryal Ahmad Faheem
Deputy CEO
Applicable Rating Criteria: Fund Stability Ratings (December 2020)
https://docs.vis.com.pk/docs/FundstabilityRating.pdf
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