Press Release

JCR-VIS Reaffirms Entity Ratings of NBP Leasing Limited
 

Karachi, June 29, 2010: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of NBP Leasing Limited (NBPL) at ‘A/A-2’ (Single A/A-Two). Outlook on the medium to long term rating is ‘Stable’.

The ratings of NBPL derive implicit support of the sponsoring institution, National Bank of Pakistan. During the out-going year, the company scaled back its operations further, with all borrowings having been retired.

The discounting business is being phased out as in 2008 the company had decided to operate as a pure leasing company. The bulk of the non- performing portfolio has been provided for, that had resulted in a loss in 2009, after accounting for which equity still remains compliant with regulatory requirement.

Recently, the Board of Directors of the company has been reconstituted in addition to which there has also been a change at the helm of the institution. A new business strategy will be developed over due course and its impact, if any, on the risk profile of NBPL will be monitored by JCR-VIS.

For further information on this rating announcement, please contact Mr. Safdar Kazi (safdar@jcrvis.com.pk /Ext. 604) or Ms. Sobia Maqbool (sobia@jcrvis.com.pk /Ext. 506) at 35311861-70 or fax to 35311872- 3.

Javed Callea
Advisor

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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 2010 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