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General

PACRA Maintains Stability Rating of NBP Financial Sector Income Fund

Lahore, September 29, 2022 (PPI-OT):NBP Financial Sector Income Fund (or the “Fund”) is medium risk profile fund. The assigned rating reflects moderate strength of the fund’s credit and interest rate risk profile. The Fund has invested ~85% of its net assets into banks rated AA+ and above, ~9.5% in TFC/Sukuks whereas ~3% in CPs. The duration of the Fund was 10 days in the end Jun’22 (Dec’21: 9 days), limiting the exposure to interest rate risk.

The WAM of the Fund is slightly decreased to 145 days in the end Jun’22 (Dec’21: 167 days), exposing the Fund to credit risk. The unit holding pattern of the Fund was ~58.6% representing the top ten investor concentration. Going forward, material changes in the fund’s asset allocation strategy, impacting its credit quality and/or exposure to interest rate risk, would affect the rating.

For more information, contact:
Analyst,
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore, Pakistan
Tel: +92-42-5869504-6
Fax: +92-42-5830425
Email: hammad.rashid@pacra.com
Website: www.pacra.com

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