Press Release

JCR-VIS Maintains Entity Ratings of Security Investment Bank Limited
 

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Karachi, July 13, 2010: JCR-VIS Credit Rating Company Limited has maintained the medium to long-term entity rating of Security Investment Bank Limited (SIBL) at ‘A’ (Single A) and short term rating at ‘A-2’ (A-Two).

With recovery in valuation of investment portfolio, net worth of SIBL improved over FY09, despite a significant loss posted for the year. The asset mix largely comprises investment in money and capital markets. While credit risk carried by the institution is considered manageable on account of limited lending activities, and fixed income instruments mostly comprising government paper, the institution is however exposed to price risk arising on both its holding of long term PIBs and listed equities.

Debt leverage has declined consistently over time. Almost three-fourths of the company’s borrowings are secured against investments. Liquid reserves vis-à-vis the remaining liabilities are considered adequate.

Given limited opportunities for deployment of funds, earnings profile of the institution has come under stress. Future business strategy of the company remains to be developed, given the prevailing dynamics in the NBFCs sector at large. In view of the above, Outlook on the medium to long term rating has been revised from ‘Stable’ to ‘Negative’.

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 (92-21) 35311861-70 or fax to (92-21) 35311872-3.



Faheem Ahmad
President & CEO

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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