Press Release

JCR-VIS Assigns Rating to TFC-IV of Askari Bank Limited
 

Karachi, September 9, 2014: JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned instrument rating of ‘AA-’ (Double A Minus) to 4th (fourth) Issue of Term Finance Certificate (TFC-IV) of Askari Bank Limited (AKBL). AKBL has outstanding entity ratings of ‘AA/A-1+’ (Double A/A-One Plus). Outlook on the assigned ratings is ‘Stable’.

AKBL had issued unsecured, subordinated, rated and privately placed term finance certificate (TFC-IV) of Rs. 1,000 Million on December 23, 2011 to strengthen its Tier-2 Capital. The instrument has a tenor of 10 years, with a Call Option that is exercisable after the first 5 years, subject to the approval of State Bank of Pakistan. The instrument carries profit rate of average six months kibor plus a spread of 175 bps in the first 5 years, with the spread to be enhanced to 220 bps in the subsequent 5 years.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA at 021-35311861-70 or Mr. Maimoon Rasheed at 042-36610681-84.

Javed Callea
Advisor

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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 2014 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