JCR-VIS Upgrades Fund Stability Rating of HBL Government Securities Fund
Karachi, January 15, 2018 (PPI-OT):JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the Fund Stability Rating (FSR) of HBL Government Securities Fund (HBL GSF) from ‘A(f)’ (Single A (f)) to ‘A+(f)’ (Single A Plus (f)). The previous rating action was announced on January 05, 2017. During the on-going year, PICIC Income Fund (PICIC IF) was renamed to HBL Government Securities Fund (HBL GSF) post amalgamation of PICIC Asset Management Company into HBL Asset Management Limited. HBL GSF aims to provide its investors superior risk adjusted returns through active duration and liquidity management tools.
The change in rating takes into account the revision in target duration from 2 years to 1.5 years. Moreover, Weighted Average Time to Maturity (WATM) and duration remained well within the specified limits. The assigned rating also accounts for maintenance of adequate liquidity levels as signified by a sizeable portion of assets invested in bank deposits. Asset allocation of the fund remained in line with the policy guidelines defined by management.
For more information, contact:
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi