Press Release

JCR-VIS Maintains Entity Ratings of Security Investment Bank Limited
 

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Karachi, June 30, 2011: 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). Outlook on the ratings has been revised from ‘Negative’ to ‘Stable’.

The company has been operating with low debt leverage. Borrowings are largely secured against SIBL’s holding of government paper, with remaining assets providing adequate coverage against clean funds mobilized by the institution.

Over the last year, SIBL has considerably reduced its exposure against the stock market. Profitability in 2009 had taken a significant dip on account of revaluation losses on equity holdings. The company has reported a positive bottom line in 2010 and first quarter of the on-going year. Future volatility in earnings may be contained if stock market exposures are maintained at existing levels.

For further information on this rating announcement, please contact Ms. Sabeen Saleem, CFA (ext: 510) or Ms. Sobia Maqbool, CFA (ext: 506) at 92-21-35311861-70 or fax to 92-21-35311873.



Javed Callea
Advisor


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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 2011 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