The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (28-June-2005)
   

PACRA Maintains Ratings of Pak Kuwait Investment Company (Pvt) Limited (PKIC)

 

 
Analyst
Naila Rameen
(+92-42-586 9504)
naila@pacra.com

 

 

 









 

 

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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.

  

The Pakistan Credit Rating Agency (PACRA) has maintained a long-term rating of “AAA” (Triple A) and a short-term rating of “A1+” (A One plus) to the Pakistan Kuwait Investment Company (Pvt) Limited (PKIC). These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments. The ratings are applicable to the senior unsecured creditors of the company.

The ratings reflect PKIC's very strong capitalization, which , while representing strong risk absorption capacity, provides ample room for leveraged growth. The ratings also take into account PKIC's ability to maintain the low risk profile of its assets portfolio, amidst an increasingly competitive environment, as well as the management's conscious efforts of continuously strengthening the risk management systems.

About the company: PKIC was established in March 1979 as a joint venture between the governments of Pakistan and Kuwait. Currently the shareholding is equally held through the State Bank of Pakistan and the Kuwait Investment Authority (KIA). The primary objective of the organization is to make a tangible contribution to economic development by supporting both industrial and service sectors. The new Managing Director, who joined PKIC in January 2005, has over 35 years of diversified national as well as international experience. This includes Chairmanship of NIT and as President and Chief Executive of Zarai Taraqiati Bank.
 
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.