Press Release

JCR-VIS upgrades medium to long-term entity ratings of Pak-Gulf Leasing Company Limited

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Karachi, July 29, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long-term entity rating of Pak-Gulf Leasing Company Limited (PGL) to ‘BBB+’ (Triple B Plus) from ‘BBB’ (Triple B). Short-term rating has been maintained at ‘A-3’ (A-Three). Outlook on ratings is ‘Stable’.

Ratings incorporate the prudent management of lease portfolio amidst a challenging business environment. Core business operations increased in FY11, after experiencing marginal decline in preceding year. The company has, however, been able to reduce the quantum of non-performing exposures significantly with effective recoveries, while keeping infection levels under control. Profitability indicators of PGL have improved, while the company’s conservative approach to business growth and minimum use of leverage has ensured a conservative risk profile.

For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 408) or Ms. Sabeen Saleem (Ext: 510) at 021-35311861-70 or fax to 021-35311872-3.

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 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