The Pakistan Credit Rating Agency Limited
08-Apr-24
Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-23
- Methodology | Financial Institution Rating | Oct-23
- Methodology | Debt Instrument Rating | Dec-23
Related Research
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PACRA withdraws the Rating of Pakistan Mortgage Refinance Company Limited | PP Sukuk | Redeem
| Issuer | Pakistan Mortgage Refinance Company |
| Instrument | Sukuk |
| Amount | PKR 3100 mln |
| Issuance Date | 18-Mar-21 |
| Tenor | 3 Years |
| Redemption Date | 18-Mar-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (08-Apr-24 ) |
Previous (13-Oct-23 ) |
|
| Action | Redeem | Maintain |
| Long Term | - | AAA |
| Short Term | - | - |
| Outlook | Stable | |
| Rating Watch | - | - |
Pakistan Mortgage Refinance Company has issued a rated, Privately Placed Sukuk of PKR 3,100mln on 18-Mar-21 to refinance the residential mortgages/housing portfolio. The tenor of the instrument was 3 years and carried a profit rate of 8.25%. The instrument has been repaid, and hence redeemed. The Company has paid in full, all markup and outstanding principal amount.
The Sukuk has been redeemed on 18-Mar-24. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Pakistan Mortgage Refinance Company Limited | PP Sukuk.
About
the Entity
PMRC commenced business in 2018 as Pakistan's first mortgage refinance institution to provide financing to both; Islamic and Conventional Financial Institutions. Major controlling interest rests with Pakistan's Ministry of Finance, at ~29% and National Bank of Pakistan at ~14%; the remaining 57% is owned by Habib Bank Limited, United Bank Limited, International Finance Corporation, Bank Al Falah Limited, Askari Bank Limited, Allied Bank Limited, Bank AL Habib Limited, House Building Finance Company Limited and Bank Makramah Limited. The board of directors comprises ten members, which includes seven non-executive directors and three independent directors. Seven major financial institutional shareholders are represented on the board encompassing Ministry of Finance, NBP, HBL, UBL, AKBL, BAFL and IFC.