Press Release
JCR-VIS Reaffirms Fund Stability Rating of ABL Government Securities Fund
Karachi, January 16, 2018: 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 (f)). Previous rating action was announced on 30th December 2016.
As per pre-defined exposure limits, the fund must deploy at least 70% of its assets in government securities. On month-end average basis, the fund deployed around 68.2% of its net assets in government securities. Credit quality of exposures is sound with sizeable investment in government securities and major avenues having a minimum credit rating of ‘AA-’ and above. Duration has remained in compliance with internal policy limit, and also in line with JCR-VIS’s internal criteria. Being largely invested in government securities, the liquidity profile of the fund remained sound.
Net assets of the fund declined to Rs. 3.8b (FY16: Rs. 9.5b) by end-FY17; considerable redemption was witnessed in FY17 primarily on account of lower return offered by government securities funds.
For further information on this rating announcement, please contact the undersigned at 021-35311861-70 or Maimoon Rasheed at 042-35723411 or fax to 021-35311872.
Jamal Abbas Zaidi
Advisor
Applicable Rating Criteria: Fund Stability Ratings (December 2017)
http://jcrvis.com.pk/docs/FSRMeth-201712.pdf
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