Press Release

VIS Reaffirms Fund Stability Rating of UBL Money Market Fund

Karachi, December 31, 2019: VIS Credit Rating Company Limited has reaffirmed the Fund Stability Rating (FSR) of UBL Money Market Fund (UMMF) at ‘AA(f)’ (Double A(f)). The previous rating action was announced on December 31, 2018.

It was observed that net assets of the fund depicted variation in FY19 and were reported higher at end of the outgoing fiscal year; fund size further increased notably during the ongoing fiscal year. Investment policy of UMMF mandates exposure in instruments having a minimum rating of AA to ensure sound credit quality of the portfolio. Modified duration of the fund is capped at 90 days, whilst investment in any asset that has time to maturity in excess of 6 months is not allowed. Given restrictions on modified duration, the fund’s exposure to market risk is expected to remain low. Actual asset allocation of the fund remained in line with the stipulated policy in FY19. Given the fund’s asset mix comprising government securities and cash, ability to meet redemptions is considered strong.

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 (December 2017)

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 2019 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited