Press Release

JCR-VIS Reaffirms Fund Stability Rating of ABL Income Fund

Karachi, January 16, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the Fund Stability Rating of ABL Income Fund (ABL IF) at ‘A(f)’ (Single A(f)). Last rating action was taken on 30th December 2016.

The operational policy of the fund stipulates that a quarter of assets must be deployed in cash and near cash instruments. On average, the fund maintained 20.9% exposure in TFCs with cash & bank balances and government securities mainly comprising remaining investments. Credit quality of exposures has remained in line with JCR-VIS’s criteria for the assigned rating with over fifty percent of investments comprising exposures in at least ‘AA-’ rated investment avenues. There have been no breaches of internal policy limits and JCRVIS internal duration criteria. The same will continue to be tracked by JCR-VIS, going forward.

Net assets of the fund increased slightly to Rs. 3.9b (FY15: Rs. 3.7b) by end-FY17 with the in-flow of both corporate and retail investors; although retail portion decreased during FY17.

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

Applicable Rating Criteria: Fund Stability Ratings (December 2017)

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