Press Release

JCR-VIS reaffirms Fund Stability Rating of ABL Government Securities Fund at A+(f)

Karachi, January 17, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Government Securities Fund (ABL GSF) at ‘A+(f)’ (Single A Plus(f)).

ABL GSF is an open-end income fund with an objective to provide optimal risk-adjusted returns through investments in short to long term government securities and other debt instruments. The rating primarily takes into account the overall operational investment policy of the fund and the limits set therein for each category of permissible investment avenue.

Target duration of the fund has been increased to 360 days from 180 days previously; it remains within the acceptable threshold for the assigned rating. Accordingly, the fund can now take exposure in longer term instruments. Other changes have also been made in the operational investment policy in terms of asset allocation, though credit risk also remains commensurate with the assigned rating. The fund will primarily maintain exposure in either government securities or bank deposits. Actual duration of the fund was 119 days at end-November 2012; credit risk exposures have been taken in line with the operational investment policy.

For further information on this rating announcement, please contact Mr. Javed A. Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311873.



Jamal Abbas Zaidi
Deputy 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 2013 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .