Analyst
Ayesha Qasim
ayesha.qasim@pacra.com
+92-42-35869504
www.pacra.com
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PACRA Withdraws Entity Ratings of NIB Bank Limited
Rating Type | Entity | |
Current (30-Sep-17 ) |
Previous (15-Jun-17 ) |
|
Action | Withdraw | Maintain |
Long Term | - | AA- |
Short Term | - | A1+ |
Outlook | - | Stable |
Rating Watch | - | - |
NIB Bank Limited (NIB) stands fully amalgamated with and into MCB Bank Limited (MCB) pursuant to the requirements of sanction order dated June 13, 2017, issued by the State Bank of Pakistan under section 48 of the Banking Companies Ordinance, 1962. Consequently, The Pakistan Credit Rating Agency Limited (PACRA) has withdrawn the entity ratings of NIB Bank Limited [Long-term "AA-" and short-term "A1+"].
However, since NIB has also issued a TFC in 2014, pursuant to this transaction, PACRA is updating its rating opinion on the instrument.
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