Press Release

VIS Upgrades Fund Stability Rating of HBL Government Securities Fund

Karachi, December 31, 2020: VIS Credit Rating Company Limited (VIS) has upgraded the Fund Stability Rating (FSR) of HBL Government Securities Fund (HGSF) to ‘AA (f)’ (Double A (f)) from ‘A + (f)) (Single A plus (f)). The previous rating action was announced on December 30, 2019.

The rating action incorporates updated FUND STBILITY RATING methodology which can be found on our website for reference.

HBL Government Securities Fund (HGSF) is an open-end fund which aims to provide its investors superior risk adjusted returns through active duration and liquidity management tools. Net Assets of the fund grew during the year amounting to 3.5b (FY19 2.1b) The offering document (OD) of the fund restricts exposure in government securities and AA- rated or above, with at least 70% in sovereign instruments & remaining in cash balances, Sukuk and commercial papers. During FY20, the fund managed to preserve 70% of its assets in PIBs and T-bills on a month-on-month average basis. Complying with the specified limits stated in Investment Policy Statement (IPS) for the assigned ratings. The fund substantially managed to preserve its resources in AA or above rated instruments. Moreover, WAM of the fund complied for the assigned ratings.
For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 204) or the undersigned (Ext: 301) at 35311861-70 or email at

Faheem Ahmad
President & CEO

Applicable rating criteria: Fund Stability Ratings (December 2020)

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 2020 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited