PACRA ASSIGNS RATINGS TO

FIRST FIDELITY LEASING MODARABA (FFLM)

 

Lahore: March 25, 2003

The Pakistan Credit Rating Agency (PACRA) has assigned long-term and short-term Credit Ratings of "BBB+" (triple B plus) and "A2" (A two), respectively to First Fidelity Leasing Modaraba (FFLM). These ratings indicate a low expectation of credit risk and adequate capacity for timely payment of financial commitments.

FFLM's ratings reflect a high risk absorption capacity emanating from a large proportion of equity in total assets and maintained performance. The ratings also recognise the volatility risk attributable to the equity investment portfolio though mitigated by unrealised appreciation as at December 31, 2002. The Modaraba is expected to maintain its present level of performance.