Press Release

VIS Upgrades Fund Stability Rating for ABL Cash Fund

Karachi, January 20, 2020: VIS Credit Rating Company Limited (VIS) has upgraded the Fund Stability Rating (FSR) for ABL Cash Fund (ABL CF) to ‘AA+ (f)’ (Double A Plus (f)) from ‘AA (f)’ (Double A(f)). Previous Rating action was announced on January 16, 2018.

Launched in July’ 2010, ABL CF operates as a money market fund. The rating upgrade incorporates change in the investment policy statement (IPS) of the fund whereby exposure will primarily be taken in ‘AA+’ or above rated exposures coupled with reduction in the duration of the fund from 90 to 60 days. The actual credit quality of exposures remained in line with VIS criteria and the revised IPS. There was also no breach in duration of the fund during the review period. Net Assets of the fund increased sizably to Rs. 21.2b (FY18: Rs. 13.2b) by end-FY19. Retail portion of the fund slightly increased; meanwhile, the remaining major portion of the investment comprised unrelated corporates as at end FY19.

For further information on this rating announcement, please contact Ms. Maham Qasim at 042-35723411-13 (Ext: 8005) or the undersigned at 021-35311861-70 (201) 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 2020 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

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