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The Pakistan Credit Rating Agency Limited
Press Release

Date
08-Dec-23

Analyst
Madiha Sohail
madiha.sohail@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

Capital Preservation Rating to UBL Special Savings Plan – IV under UBL Special Savings Fund (USSP-IV) matured | PACRA withdraws the rating

Rating Type Capital Preservation Rating
Current
(08-Dec-23 )
Previous
(14-Jun-23 )
Action Withdraw Maintain
Long Term - CP2+
Short Term - -
Outlook Stable
Rating Watch - -

As per management representation, all the plans except the UBL Special Savings Plan - (USSP-V) falling under the umbrella of UBL special saving funds have been matured, subsequently, the
management requested to withdraw the ratings.
Consequently, PACRA withdrew the Capital Preservation Rating of UBL Special Savings Plan – IV under UBL Special Savings Fund (USSP-IV), with immediate effect. The previous Capital Preservation Rating 'CP2+(f)', was announced on 14th-June-2023.

About the Entity
UBL Fund Managers Limited, incorporated in 2001 as a public unlisted company, is one of the leading Asset Management and Investment Advisory companies in Pakistan. It is licensed by the
Securities and Exchange Commission of Pakistan (SECP) to carry out these services under the Non-Banking Finance Companies Regulations. The Company is ~98% owned by United Bank
Limited, while the remaining stake belongs to individuals. The Company’s Board of Directors comprises seven members including the CEO. The CEO, Mr. Yasir Qadri, has been associated with
the asset management industry for more than twenty years. The board’s Chairman, Mr. Azhar Hamid, is a banker having more than four decades of banking experience. The Company’s diverse
product slate includes 16 conventional funds and 9 Shariah-compliant funds belonging to all major categories. The Company is also offering two voluntary pension schemes in the conventional and
shariah compliant category. The assets under management stood at ~PKR 190bln at the end Oct'23

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.