The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (12-October-2006)
   

PACRA Places Ratings of Prime Commercial Bank Limited and its TFCs on RatingWatch

 

 
Analyst
Shahzad Saleem
(+92-42-586 9504)
shahzad@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.

  

The Pakistan Credit Rating Agency Limited (PACRA) has placed entity and TFC ratings of Prime Commercial Bank Limited (Entity Long-term: A+, Short-term A1, TFC: A) on Rating Watch with positive implications.

The rating action emanates from ABN AMRO Bank’s intention to acquire majority ownership stake in Prime Bank. ABN AMRO Bank is in the process of initiating a formal due diligence exercise.

PACRA would continue monitoring all related developments, while the ratings would remain on the Rating Watch till the conclusion of the said transaction. The ratings would be reaffirmed thereafter, particularly after reviewing the implications with reference to business prospects and risk profile of the 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.