Press Release

JCR-VIS places Entity Ratings of Rozgar Microfinance Bank Limited on ‘Rating Watch-Developing Status’
 

Karachi, January 2, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the entity rating of ’BB+/A-3’ (Double B Plus/A Three) assigned to Rozgar Microfinance Bank Limited (RMBL) on “Rating Watch-Developing Status”.

RMBL is licensed to provide microfinance to the poor in Karachi. Recent revision in prudential regulations, require the bank to tap external sources in order to meet the Minimum Capital Requirement (MCR) of Rs. 100m (net of accumulated losses) by December 31, 2008. Ratings will be revisited once the new financial plans are formalized.

For further information on this rating announcement, please contact Ms. Sabeen Saleem (Ext: 510) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311873.


Faheem Ahmad
President & CEO

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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 2009 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