The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (31-July-2006)
   
PACRA Withdraws Ratings of Atlas Investment Bank Limited While Assigning Short-Term Rating of A1+ to Its Secured TFC Assumed By Atlas Bank Limited
 

 
Analyst
Maimoon Rasheed
(+92-42-586 9504)
maimoon@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.

  

Following the merger of Atlas Investment Bank Limited (AIBL) with and into Atlas Bank Limited, PACRA has withdrawn entity ratings of AIBL (long-term “A+” and short-term “A1”). Consequent to the merger, Atlas Bank Limited has assumed the obligations relating to TFC issued by AIBL. Pending full redemption in August 2006, a short-term rating of “A1+” has been assigned to the TFC (outstanding principal: PKR 16.65 mln).

Meanwhile, PACRA is in the process of assigning entity ratings to Atlas Bank Limited.
 
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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