The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (04-November-2006)
   

PACRA Removes Ratings of Metropolitan Bank Limited
from RatingWatch

 

 
Analyst
Sumaira Fazal
(+92-42-586 9504)
sumaira@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.

  

Consequent to completion of merger of Pakistan branches of Habib Bank AG Zurich with and into Metropolitan Bank Limited, PACRA removes its ratings from RatingWatch. The name of the merged entity has been changed to Habib Metropolitan Bank Limited (HMB). PACRA affirms the long-term and short-term entity ratings of HMB at “AA+” (Double A plus) and “A1+” (A one plus), respectively. These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.

Habib Bank AG Zurich (HBZ), established in 1967 in Switzerland, is the single largest shareholder (31%) in HMB and intends to increase its shareholding to 51%. HBZ, in addition to Switzerland, has banking operations, directly and through its subsidiaries, in the UK, the UAE, Canada, South Africa and Kenya.

 
 
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.