Press Release

JCR-VIS Reaffirms Entity Ratings of Pak-Gulf Leasing Company Limited

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Karachi, April 8, 2013: JCR-VIS Credit Rating Company Limited (JCR-VIS) has re-affirmed the entity ratings of Pak-Gulf Leasing Company Limited (PGL) at ‘BBB+/A-3’ (Triple B Plus/A-Three). Outlook on the ratings is ‘Stable’.

Ratings incorporate the company’s ability to maintain its risk profile in a challenging environment. PGL has continued its strategy of cautious underwriting with focus on controls over the financing activity along with recovery while there has also been added emphasis on obtaining additional security against exposures. While growth in assets has been limited, infection has declined notably. Leverage is maintained at low level with focus on debt reduction and fresh deployment in leasing from internal capital generation. Despite decline in discount rates and lease portfolio outstanding, lease returns improved on a timeline basis as fresh leases were written at higher spreads over the benchmark rate; asset quality of the lease portfolio will continue to be monitored.

Recently, the Securities & Exchange Commission of Pakistan (SECP) has circulated NBF Sector Reform Report for public comment, which proposes extension in timeline for enhancing equity for leasing companies. JCR-VIS will continue to track SECP’s decision in this respect and its implications along with sponsor’s plans for future. In case, minimum capital requirement is not revised by SECP, the Board has expressed commitment to increase the capital of PGL through issuance of right shares.

For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 408) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861-70 or fax to 021-35311872-3.

Abdur Rahim, ACII

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 2013 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