PACRA PLACES RATINGS OF ATLAS LEASE LIMITED
ON RATINGWATCH

 

Lahore: February 11, 2002

The Pakistan Credit Rating Agency (PACRA) has placed the ratings (entity and TFCs) of Atlas Lease Limited (ALL) on RatingWatch owing to its ongoing merger process with Atlas Investment Bank Limited (AIBL). The merger would result in transfer to and vesting in AIBL the whole of business and undertaking of ALL.

ALL was assigned the entity ratings of "A-" (single A minus) and "A2" (A two) for long-term and short-term respectively. The 1st and 2nd tranche of ALL's TFCs were assigned the ratings of "A" (single A).

PACRA's entity ratings of ALL will automatically stand withdrawn on its cessation as legal entity after its merger with AIBL. The ratings of TFCs are placed on RatingWatch, pending completion of the merger formalities and evaluation of the impact on the risk profile of the merged entity.