Press Release

JCR-VIS Reaffirms Fund Stability Rating of HBL Income Fund
 

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.




Javed Callea
Advisor

Applicable Rating Criteria: Fund Stability Ratings (February 2012)
http://jcrvis.com.pk/docs/FSRMeth-201202.pdf

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2017 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited