Press Release

JCR-VIS Reaffirms Fund Stability Rating of UBL Money Market Fund

Karachi, January 06, 2016: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Money Market Fund (UMMF) at ‘AA(f)’ (Double A(f)). The previous rating action was announced on August 18, 2014.

Investment policy of the fund mandates to maintain a minimum of 50% exposure in government securities, while other investment avenues are also subject to a minimum rating of AA. During FY15, average month-end allocation to government securities was recorded around 70%, signifying limited credit risk exposure. Actual asset allocation has remained aligned with the policy guidelines. Weighted Average Maturity (WAM) is capped at 90 days and remained below the stipulated limit during FY15. Investor concentration in the fund is on the lower side. Given the fund’s asset mix, ability to meet redemptions in a timely manner is considered strong.

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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