logo
The Pakistan Credit Rating Agency Limited
Press Release

Date
08-May-19

Analyst
Muhammad Noor Ul Haq
noorulhaq@pacra.com
+92-42-35869504
www.pacra.com

Applicable Criteria

Related Research

Disclaimer
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 Suspends Entity Ratings of SME Bank Limited

Rating Type Entity
Current
(08-May-19)
Previous
(22-Nov-18)
Action Suspended Downgrade
Long Term CCC CCC
Short Term B B
Outlook Negative Negative
Rating Watch Yes Yes

PACRA has suspended the entity ratings of 'CCC/B' (Triple C/B) assigned to SME Bank Limited due to non-availability of approved updated Accounts. No approved financial statements are available after the period ended Sep'2018. Once required information is available. PACRA would update the ratings, after following the due process.

About the Entity
SME Bank Limited, incorporated in October 2001, commenced commercial banking operations in April 2005. It operates a network of 13 branches and is ~94 % owned by Federal Government. Overall control of the bank lies with government nominated seven members Board of Directors and currently four positions are vacant. The CEO Mr. Dilshad Ali Ahmad has more than 3 decade experience in banking and finance.

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.