PACRA Withdraws Entity Ratings of Standard Chartered Modaraba
In a recent development Standard chartered Bank (Pakistan) Limited (SCBPL) sold its 100% shares in Standard Chartered Services of Pakistan (Pvt.) Limited (Modaraba Management Company) and 10% stake in Standard Chartered Modaraba to Orix Leasing Pakistan Limited (OLP). Standard Chartered Services of Pakistan (Pvt.) Limited owned 10% stake in Standard Chartered Modaraba that also got transferred to ORIX Leasing. Consequently, Orix Leasing fully owns the Modaraba Management Company (renamed as Orix Services Pakistan (Pvt.) Limited) and 20% stake in the Modaraba (renamed as Orix Modaraba). Subsequent to this, PACRA withdraws entity ratings [Long Term: "AA+" and Short term: "A1+"] of Standard Chartered Modaraba.
PACRA would assign entity ratings to Orix Modaraba separately.