Karachi, January 11, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Income Fund (HBL IF) at ‘A(f)’ (Single A (f)). The previous rating action was announced on January 14, 2016.
The assigned rating incorporates low credit risk on the back of conservative asset allocation; on average, over 90% of the investments were parked in ‘AA-’ and above rated securities. Rating draws comfort from revision in operational investment policy which has been made more restrictive by subjecting investments to a minimum credit quality limit of ‘A-’. During FY16, the fund size doubled on account of investment from retail investors and thus, granularity of fund improved. Moreover, ability of the fund to meet redemptions in a timely manner is considered sound as majority of net assets are deployed in avenues having strong liquidity. On average basis, market risk remained manageable and commensurate with assigned rating during the period under review.
For further information on this rating announcement, please contact the undersigned (Ext: 201) or Mr. Jamal Abbas Zaidi (Ext: 207) at 021-35311861-71 or fax to 021-35311872-3.
Applicable Rating Criteria: Fund Stability Ratings (February 2012)
Information herein was obtained from sources believed to be accurate and reliable; however,
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relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its
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