Press Release

JCR-VIS places BBB+/A-3 ratings of Pak Oman Microfinance Bank Limited on Rating Watch – Negative Status
 

Karachi, April 8, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the ‘BBB+/A-3’ (Triple B Plus / A-Three) ratings of Pak Oman Microfinance Bank Limited (POM) under ‘Rating Watch – Negative Status’. Previously, Outlook on the ratings was ‘Negative’.

The equity of POM is below the minimum capital requirement of Rs. 500m, as prescribed by the State Bank of Pakistan, on account of losses accumulated since inception. The rating action has been taken as the bank has not been able to implement the equity injection plan by December 2008 as communicated previously. The ratings of POM are presently under review by JCR-VIS and further updates to the ratings will be communicated shortly.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sabeen Saleem (Ext: 510) at 5311861-70 or fax to 5311873.



Safdar Kazi
Director

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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