PACRA ASSIGNS 'BBB+' TO THE PROPOSED TFCs OF

PACIFIC LEASING COMPANY LIMITED (PLCL)

 

Lahore: November 27, 2002

PACRA has assigned an instrument rating of 'BBB+' (Triple B Plus) to PLCL's proposed TFC issue of Rs.240mln (including a greenshoe option of Rs.40mln), while the entity ratings have been maintained at 'BBB' (Triple B) and 'A3' (A Three), for the long-term and short-term respectively. These ratings denote a low expectation of credit risk, and an adequate capacity for timely payment of financial commitments.

The ratings reflect PLCL's improvement over last year's performance, its virtually maintained risk profile, and its enlarged equity base through the induction of fresh equity in FY2002. The ratings also take into account the company's planned growth proposed to be financed initially by a TFC issue during the current year.