Press Release

JCR-VIS Maintains Rating of NBP Capital Limited at A/A-2

Karachi; July 14, 2008: JCR-VIS Credit Rating Company Limited has maintained the medium to long term entity rating of NBP Capital Limited (NBPCL) at ‘A’ (Single A) and revised the short-term rating at ‘A-2’ (A-Two). The outlook on medium to long term rating is ‘Stable’.

The ratings of NBPCL derive support from it being a fully owned subsidiary of National Bank of Pakistan. There has been change in senior management, as the new Chief Executive Officer with a relevant experience of around 20 years has been brought on board. Another major change has been instituted following the amendments in NBFC Rules 2003 in accordance with which the sponsors have decided to focus on mainly leasing operations.

The existing equity of Rs. 710m at the end of FY2007 and low leverage has given the company strength to face the current economic challenges and has enabled the company to meet minimum capital requirements for leasing business, as required by NBFC regulations, ahead of 2010. FY2007 revenue levels are similar to the previous year although quarterly results have depicted a slight decline and reflected stress throughout the financial sector. JCR VIS will closely monitor the company’s asset quality indicators for the leasing portfolio as the portfolio becomes seasoned.

For further information on this rating announcement, please contact Mr. Safdar Kazi ( or Ms. Sabeen Salem ( at 5311861 or fax to 5311873.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-VIS) does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. JCR-VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2008 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited