PACRA MAINTAINS RATING OF

FIRST GRINDLAYS MODARABA (FGM)

 

Lahore: February 19, 2002

The Pakistan Credit Rating Agency (PACRA) has maintained First Grindlays Modaraba's financial strength rating at 'A2' (A two). This is the highest rating assigned to any Modaraba and indicates outstanding financial condition with a consistent record of above average performance.

FGM's rating reflects the Modaraba's very good asset quality, consistent outstanding performance and continued strong support factor through affiliation with the Standard Chartered group in Pakistan.

Effective this year, the nomenclature for the rating has been changed from Individual Rating to Modaraba Financial Strength Rating. The change is primarily to fully reflect the methodology of Modaraba ratings, which focuses on the overall financial strength of the Modaraba. The rating definitions remain unchanged.