Press Release

VIS Reaffirms Fund Stability Rating of HBL Cash Fund

Karachi, March 03, 2025: VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of HBL Cash Fund (HBL-CF) at AA+(f) (Double A Plus (f)). Medium to long term fund rating of ‘AA+’ signifies high degree of stability in NAV. Risk is modest but may vary slightly from time to time because of changing economic conditions. Previous rating action was announced on January 02, 2024.

Launched in December 13, 2010, HBL CF is an open-end money market fund with the objective to provide competitive returns to its investors through active investments in low-risk portfolio of short duration, while maintaining high liquidity.
The assigned rating incorporates the Fund’s asset allocation, which was largely aligned with the stipulations outlined in the offering document. Investments of the Fund were concentrated in T-Bills, Cash, PIB-Floater, and placements with banks and DFIs, with minimal exposure to GOP Ijarah. Assigned rating also reflects the Fund’s credit quality, which is in accordance with guidelines in the offering document, with investments predominantly allocated to Government Securities and AAA rated avenues.

The weighted average time to maturity (WAM) of the Fund remained within the defined threshold as stated in the offering document. Liquidity profile of the Fund is supported by the substantial portion of investments in liquid assets. . Additionally, client concentration is considered manageable.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.




Applicable Rating Criteria: Fund Stability Ratings
https://docs.vis.com.pk/docs/-FundstabilityRating.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

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 2025 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .