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

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