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The Pakistan Credit Rating Agency Limited
Press Release

Date
20-Jun-18

Analyst
Iqra Bashir
iqra.bashir@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws IFS Rating of IGI Insurance Limited

Rating Type IFS
Current
(20-Jun-18)
Previous
(06-Dec-17)
Action Withdraw Maintain
Long Term - AA
Short Term - -
Outlook - Developing
Rating Watch - -

PACRA had assigned IFS rating to IGI Insurance Limited. IGI Insurance has been renamed as IGI Holdings -with a mandate to act as Holdco. Insurance business has been spinned off to IGI General Insurance limited. Hence IFS rating assigned to IGI Insurance Limited is no more valid.

PACRA is in the process of assigning IFS rating to IGI General Insurance Limited.

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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 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.