PACRA MAINTAINS ENTITY RATINGS OF

FIRST GRINDLAYS MODARABA (FGM)

 

Lahore: February 25, 2004

The Pakistan Credit Rating Agency (PACRA) has maintained the entity ratings of First Grindlays Modaraba (FGM) at 'AA+' (Double A plus) and 'A1+' (A one plus) for the long-term and short-term, respectively. These are the highest ratings assigned to any modaraba/leasing company and indicate low expectation of credit risk and very strong capacity for timely payment of financial commitments.

The ratings reflect FGM's demonstrated ability of sustaining its performance and low risk profile of assets portfolio, while maintaining its leading sector position, despite the increasingly competitive and somewhat difficult operating environment. The ratings also take into account the strong support factor drawn from FGM's affiliation with the Standard Chartered Group in Pakistan (SC).