Press Release

JCR-VIS Maintains Entity Ratings of First Credit and Investment Bank Limited

Karachi, January 31, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has maintained the entity ratings of First Credit and Investment Bank Limited (FCIBL) at ‘A-/A-2’ (Single A Minus/A-Two).

In FY11, equity of the institution has experienced erosion on account of provisions created against non-performing assets. The quantum of net high risk assets is still sizeable and further provisions against some of these assets, in line with NBFCs regulations, may need to be created in a phased manner. Outlook on the assigned rating has been revised from ‘Stable’ to ‘Negative’.

Ratings draw comfort from the ownership structure of FCIBL, with National Bank of Pakistan and WAPDA holding 30.77% shares each. Funding sources of the company include bank lines and Certificates of Deposits, mobilized largely from related parties. Of the total borrowings, about one-fourth are secured against government securities. The company carries sufficient liquidity on books with investment in government paper and placements with financial institutions providing adequate coverage against outstanding borrowings.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA (Ext: 506) or Mr. Jamal Abbas Zaidi (Ext: 408) at 35311861-35311870 or fax to 35311873.

Javed Callea

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 2012 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