PACRA MAINTAINS PAK-APEX LEASING'S RATINGS

 

Lahore: November 20, 2002

The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of Pak-Apex Leasing Company Limited (PALC) at 'BBB+' (Triple B plus) and 'A2' (Single A two), respectively. These ratings denote a low expectation of credit risk, and an adequate capacity for timely payment, but adverse changes in circumstances and in economic conditions are likely to impair this capacity. The rating of proposed secured TFC is also maintained at A- (Single A minus). This rating denotes a low expectation of credit risk and a strong capacity for timely payment of financial commitments.

The assigned ratings reflect PALC's adequate risk absorption capacity emanating from a sound capital structure and continued low risk lease portfolio despite a slight increase in the level of impairment. The ratings also take into account the sustained growth in the size of the company.