Press Release

VIS Reaffirms Fund Stability Rating of HBL Income Fund

Karachi, December 30, 2019: VIS Credit Rating Company Limited (VIS) has reaffirmed the Fund Stability Rating (FSR) of HBL Income Fund (HIF) at ‘A (f)’ (Single A (f)). The previous rating action was announced on December 26, 2018.

HIF is an open ended fund which aims to provide a stable stream of income while maintaining a moderate level of risk. During FY19 the fund size witnessed a declining trend reporting at Rs. 1.5b (FY18 Rs. 2.5b) at end-June’19 due to higher redemptions. During FY19, the fund’s asset allocation plan remained concentrated in cash balances and corporate TFCs. Credit quality has largely been compliant with approved investment limits of the IPS. On an average, the fund parked around 66% of its assets in ‘AA-’ and above rated avenues with the remaining exposure being in line with the stipulations of the assigned ratings. Weighted Average Time to Maturity (WATM) and duration remained within the specified limits as per the operational investment policy.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at (021) 35311861-66 or email at

Javed Callea

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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2019 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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