Press Release

JCR-VIS Revises Fund Stability Rating of United Islamic Income Fund
 

Karachi, April 10, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Fund Stability Rating (FSR) of United Islamic Income Fund (UIIF) to ‘BB+’ (Double B Plus (f)) from ‘BBB-(f)’ (Triple B Minus (f)).

Managed by UBL Fund Managers Limited, UIIF’s investment objective was to seek investment in medium to long-term income instruments as well as short-tenor money market instruments to generate superior, long-term, risk-adjusted returns while preserving capital over the long-term. The fund has not been able to meet its objective. Performance of the fund has suffered in the on-going year on account of provisioning against high risk assets.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 506) at 021-35311861-70 or fax to 021-35311872-3.



Jamal Abbas Zaidi
Deputy CEO

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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 2012 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