The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (23-November-2004)
    PACRA Upgrades Entity and TFC Ratings of Trust Leasing Corporation Limited
 

 
Analyst
Ambreen Irfan
(+92-42-586 9504)
ambreen@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 (PACRA) has upgraded the long-term entity rating to 'AA-' (Double A Minus) for Trust Leasing Corporation Limited (TLC), while short-term rating has been upgraded to 'A1+' (A One Plus). The rating of the two tranches of secured TFCs worth PKR 250mln and PKR 375mln respectively has been upgraded to 'AA' (Double A). These ratings denote a very low expectation of credit risk with a very strong capacity for timely payment of financial commitments.

The ratings of Trust Leasing Corporation Limited reflect the effectiveness of the company's structural formation that has enabled the evolution of a comprehensive business strategy and a clearer vision. This has enhanced the capacity of the management to sustain growth while maintaining the company's overall low risk profile.

About the company: Incorporated in July 1992, Trust Leasing Corporation Limited (TLC) is listed on all the three stock exchanges of Pakistan. TLC, a medium-sized leasing company, is focused on finance lease operations. Vehicle leasing is now core to company operations, and forms an escalating portion of the lease portfolio. The company plans on obtaining a license for Investment Finance Services in the current year. This is expected to provide diversification in its business operations.

TLC's Board of Directors comprises eight members, mainly eminent professionals with extensive exposure to business and finance. The operational control of the company is vested in the Chief Executive Officer.

 
 
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.