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The Pakistan Credit Rating Agency Limited
Press Release

Date
26-Jul-19

Analyst
Muhammad Obaid
muhammad.obaid@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

TFC-II (Jun-14) of MCB Bank Limited fully redeemed; rating withdrawn

Issuer MCB Bank Limited
Instrument TFC-II
Amount PKR 4198 mln
Issuance Date 19-Jun-14
Tenor 5 Years
Redemption Date 19-Jun-19
Outstanding Amount -

Rating Type Debt Instrument
Current
(26-Jul-19 )
Previous
(28-Jun-19 )
Action Redeem Maintain
Long Term - AAA
Short Term - -
Outlook - Stable
Rating Watch - -

Final payment along with accrued mark-up of unsecured, subordinated TFC-II issued by NIB and transferred to MCB Bank Limited (MCB) ['AAA' (Triple A)] upon its merger with MCB Bank Limited was made on June 19, 2019 being the call option exercised date.
Subsequent to the completion of the redemption process, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TFC-II of MCB.

About the Entity

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.