Press Release

JCR-VIS Reaffirms Fund Stability Rating of UBL Liquidity Plus Fund

Karachi, December 31, 2018: JCR-VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Liquidity Plus Fund (ULPF) at ‘AA (f)’ (Double A (f)). The previous rating action was announced on December 29, 2017.

ULPF was launched with a mandate to provide competitive returns to unit-holders while maintaining a conservative risk profile and high liquidity. The fund’s offering document limits exposure to AA rated and above exposures, with exposure to government securities allowed to the extent of 100% of net assets, representing a conservative risk profile. Actual asset allocation of the fund was dominated by cash and T-Bills in FY18 with the fund remaining compliant with credit quality stipulations.

The current investment policy limits Weighted Average Maturity (WAM) of the portfolio at 90 days while single asset maturity is limited at 6 months. Actual WAM of the fund remained below the ceiling during period under review. Fund size depicted a sizeable increase from Rs. 4.1b in FY17 to Rs. 14.5b at end-FY18. Liquidity profile of the fund is supported by exposure to highly marketable assets.

For further information on this rating announcement, please contact the undersigned (Ext: 207) or Mr. Javed Callea (Ext: 201) at 35311861-70 or fax to 35311872.

Jamal Abbas Zaidi

Applicable Rating Criteria: Fund Stability Ratings (September 2018)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.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 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited