Press Release

VIS Maintains Entity Ratings of Silk Bank Limited

Karachi, January 03, 2020: VIS Credit Rating Company Limited has maintained the entity ratings of Silk Bank Limited (Silk) at ‘A-/A-2’ (Single A Minus/A-Two). Given the non-renewal of guarantee on the outstanding Tier 2 TFC, instrument rating has been revised from A- (Single A Minus) to BBB+ (Triple B Plus) in line with VIS’s standard notching criteria for rating Basel 3 Compliant Tier 2 instrument. Ratings have been placed on Rating Watch-Developing Status as the Bank’s September 2019 financial statement is in the process of being finalized. Upon finalization of financial statements, VIS will review the ratings. Ratings remain dependent on implicit capitalization support from sponsors for achieving Capital Adequacy Ratio compliance. The previous rating action was announced on June 30, 2019.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at (021) 35311861-66 or email at

Javed Callea

Applicable rating criterion: Commercial Banks Methodology - March 2018

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