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The Pakistan Credit Rating Agency Limited
Press Release

Date
21-May-19

Analyst
Shahzaib Khalid
shahzaib.khalid@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 Entity Ratings of MCB-Arif Habib Savings and Investments Limited

Rating Type Entity
Current
(21-May-19)
Previous
(19-Nov-18)
Action Withdraw Maintain
Long Term - AA-
Short Term - A1+
Outlook - Stable
Rating Watch - -

Subsequent to the decision of the management of MCB-Arif Habib Savings and Investments Limited, PACRA withdraws the Entity Ratings with immediate effect.

About the Entity
MCB Aif Habib Savings and Investments Limited is a subsidiary of MCB Bank Limited. MCB holds majority stake (51%) in the company, followed by Arif Habib Corporation Limited (30%). MCB Bank Limited, the fifth largest bank in Pakistan in terms of asset size, is majority owned by Nishat group, a distinguished business conglomerate of Pakistan. Arif Habib Corporation is the holding company for Arif Habib Group, a renowned group with a diverse portfolio of investments. The company is managing fifteen open-end mutual funds and two pension schemes with AUMs of ~ PKR 49.7bln as of April 2019.

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.