Press Release

JCR-VIS Removes Rating Watch Status of Silk Bank Limited
 

Karachi, December 17, 2014: Following the equity injection of Rs. 2b which has allowed Silk Bank Limited (SBL) to achieve compliance with Capital Adequacy Ratio requirement of 10% and increased paid-up capital eligible to be counted towards minimum paid-up capital requirement to Rs. 6.01b, JCR-VIS Credit Rating Company Limited (JCR-VIS) has removed the Rating Watch-Developing status assigned to ratings of SBL. Entity ratings of SBL have been reaffirmed at ‘A-/A-2’ (Single A Minus/A-Two). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on June 30, 2014.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at (+92-21) 35311861-70 or fax to (+92-21) 35311872-3.



Abdur Rahim, ACII
Advisor










Applicable rating criterion: Methodology: Commercial Banks (Dec 2001)


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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