PACRA UPGRADES ENTITY RATINGS OF

PAKISTAN INDUSTRIAL CREDIT & INVESTMENT CORPORATION (PICIC)

 

Lahore: November 24, 2003

The Pakistan Credit Rating Agency (PACRA) has upgraded the long-term and short-term ratings of PICIC to 'AA-' (Double A Minus) and 'A1+' (A one Plus), respectively. These ratings denote a very low expectation of credit risk and a very strong capacity for timely payment of financial commitments.

PICIC's ratings reflect considerable improvement in the earning potential of the Corporation, given the improving risk profile of the loan portfolio and diversification in the asset base as well as revenue sources. The ratings also recognize the institution of effective and pre-emptive risk management measures. Continuing enhancement in the risk absorption capacity reflected in the expanding equity base of the Corporation is also a strong rating factor.