PACRA ASSIGNS SHORT-TERM RATING TO

INVESTMENT CORPORATION OF PAKISTAN (ICP)

 

Lahore: June 15, 2004

 

The Pakistan Credit Rating Agency (PACRA) has assigned a short-term entity rating of ‘A1+' (A one plus) to Investment Corporation of Pakistan (ICP). The rating represents ICP's highest capacity for timely repayment of its obligations and reflects a complete financial turnaround mainly due to substantial inflow from sale of management rights of mutual funds. In anticipation of the winding up of the Corporation, the Corporation has retrenched a substantial part of staff and paid off all its contractual liabilities. The winding up process is expected to be completed in the next 12 months since there do not appear to be any constraining factors. PACRA, therefore, is assigning only a short-term rating to the Corporation.