Press Release

JCR-VIS Upgrades Fund Stability Rating of HBL Government Securities Fund

Karachi, January 15, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the Fund Stability Rating (FSR) of HBL Government Securities Fund (HBL GSF) from ‘A(f)’ (Single A (f)) to ‘A+(f)’ (Single A Plus (f)). The previous rating action was announced on January 05, 2017.

During the on-going year, PICIC Income Fund (PICIC IF) was renamed to HBL Government Securities Fund (HBL GSF) post amalgamation of PICIC Asset Management Company into HBL Asset Management Limited. HBL GSF aims to provide its investors superior risk adjusted returns through active duration and liquidity management tools. The change in rating takes into account the revision in target duration from 2 years to 1.5 years. Moreover, Weighted Average Time to Maturity (WATM) and duration remained well within the specified limits. The assigned rating also accounts for maintenance of adequate liquidity levels as signified by a sizeable portion of assets invested in bank deposits. Asset allocation of the fund remained in line with the policy guidelines defined by management.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 021-35311861-71 or fax to 021-35311872-3.

Jamal Abbas Zaidi

Applicable rating criteria: Fund Stability Ratings (February 2012)

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 2018 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