PACRA UPGRADES RATINGS OF
UNION LEASING LIMITED

 

Lahore: October 30, 2002

The Pakistan Credit Rating Agency (PACRA) has decided to upgrade the long-term and short-term ratings of Union Leasing Limited to 'A-' (A minus) and 'A1' (A one), respectively. As a consequence, the rating of the secured TFC stands upgraded to 'A' (single A). These ratings denote a very low expectation of credit risk and a strong capacity for timely payment of financial commitments. The rating upgrade is in recognition of improving trend in performance emanating mainly from the considerably growing lease portfolio with by and large maintained risk profile of the lease portfolio. The ratings also take into account the insignificant market risk and adequate funding options. In PACRA's opinion, in the absence of any unforeseen events, these positive developments are likely to be sustained.