Press Release

JCR-VIS Withdraws Ratings of First National Bank Modaraba

Karachi, September 29, 2017: JCR-VIS Credit Rating Company Limited (JCR-VIS) has withdrawn entity ratings of ‘BBB+/A-3’ (Triple B Plus/A-Three) assigned to First National Bank Modaraba with immediate effect, on account of non-renewal of the rating contract. Previous rating action was announced on May 3, 2017, in which the ratings were placed on ‘Rating Watch-Negative’ in view of Board’s decision to cease the lending operations of the modaraba.

For further information on this rating announcement, please contact the undersigned at (Ext: 201) 92-21-35311861.

Javed Callea

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 2017 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