The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (30-March-2006)
    PACRA Continues RatingWatch on the Ratings of Atlas Bank Limited (Formerly Dawood Bank Limited)
 

 
Analyst
Ambreen Irfan
(+92-42-586 9504)
ambreen@pacra.com

 

 

 





Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Pakistan Credit Rating Agency (PACRA) had placed the ratings of Dawood Bank Limited on RatingWatch due to the acquisition of majority shareholding by the Atlas Group, and the Group’s plans to merge Dawood Bank Limited with Atlas Investment Bank.

The name of Dawood Bank Limited has been changed to Atlas Bank Limited. The long-term and short-term ratings of “BBB-” (Triple B Minus) and “A3” (A Three) previously notified for Dawood Bank remain applicable to Atlas Bank. However, these ratings will remain on RatingWatch until the merger has been finalized. Thereafter, the ratings will be revised after a thorough evaluation of the new shareholding structure and other implications of the merger.

 
 
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's 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.

 

    
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