Press Release

VIS Reaffirms Broker Management Rating of Intermarket Securities Limited

Karachi, March 5, 2020: VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of Intermarket Securities Limited (IMSL) at ‘BMR2’. Outlook on the assigned rating is ‘Stable’. Previous rating action was announced on December 14, 2018.

The rating signifies strong external controls; sound risk and client relationship management and internal control environment. Regulatory compliance levels, HR & IT services and financial management are considered adequate.

Rating reaffirmation takes into account the improvement in governance level by inclusion of an independent director on board, however; room for improvement remains in terms of board size. This would also result in avoidance of common members in board level committees. Rating takes note of sound external controls and risk management. Assessment of financial profile indicates recovery in core brokerage income during HY20 given recent rise in trading volumes. Lately, the company has acquired the license for underwriting services which will facilitate in diversification of revenue streams. Gearing and leverage are adequate for the assigned rating.

For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 202) or the undersigned (Ext: 201) at (021) 35311861-66 or email at

Javed Callea

Applicable Rating Criteria: Broker Management Ratings 2017

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