Press Release

JCR-VIS has upgraded the medium to long-term rating of Pak-Gulf Leasing Company Limited to BBB with a Positive Outlook

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Karachi, March 18, 2010: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long-term rating of Pak-Gulf Leasing Company Limited (PGL) from ‘BBB-’ (Triple B Minus) to ‘BBB’ (Triple B). Short-term rating has been reaffirmed at ‘A-3’ (A-Three).

The rating action takes into account improvement in quality of lease portfolio during FY09 amidst the economic downturn felt across all sectors of the economy. Despite limited growth prospects in the weakening economy, lease portfolio of PGL increased in the outgoing financial year. While there has been stress on the entire NBFC sector on account of increased delinquencies, profitability indicators of PGL have improved both on account of increase in core business activities and return from other avenues. Financial expenses have also been curtailed over the last two years on account of lower utilization of debt during the period. Loss absorption capacity of PGL improved following a right issue of Rs. 60m in FY09. Debt leverage remains low providing sufficient room for growth.

Stress on NBFC sector participants relying on secondary market sources of borrowing is expected to continue in the current high interest rate environment. JCR-VIS will continue to monitor performance of the company in this regard. Outlook on the rating has been revised from ‘Stable’ to ‘Positive’ on account of continuing focus of the Board on maintaining quality of the lease portfolio and enhancement of management resource.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 510) at 35311861-70 or fax to 35311872-3.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2010 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited