PACRA ASSIGNS 'AA' RATING TO

MUSLIM COMMERCIAL BANK LIMITED (MCB)

 

Lahore: September 13, 2002

The Pakistan Credit Rating Agency (PACRA) has assigned a long-term rating of "AA" (double A) and short-term rating of "A1+" (A one plus) to Muslim Commercial Bank Limited. These ratings denote a very low expectation of credit risk emanating from the strong capacity for timely payment of financial commitments. The ratings are applicable to the senior unsecured creditors (depositors) of the bank.

The assigned ratings reflect the Bank's continuing policy of maintaining a low risk profile with steady growth through deposit mobilization and improved risk profile of advances by way of enhanced provisioning. Going forward, the bank is well positioned both by virtue of its size and strong technology platform to sustain its outstanding performance despite a difficult operating environment and increasing competition within the banking sector.