Press Release

Entity Rating of AKD Securities Limited being placed under ‘Rating Watch-Negative’ status
 

Karachi, January 6, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the Entity Rating assigned to AKD Securities Limited (AKDSL) of ‘A+/A-2’ (Single A Plus/A-Two), under ‘Rating Watch - Negative’ status on account of recent action taken by Federal Investigation Agency (FIA) against the aforementioned company and its Directors.

In light of the aforementioned event, the business franchise of the company may be affected. JCR-VIS is of the view that impact on the credit quality of the institution may occur given further developments in the ongoing investigation. Ratings will remain dependent on the outcome of the same.

The previous rating action was announced on October 9, 2015.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Jazib Ahmed, CFA (Ext: 510) at 35311861-3 or fax to 35311872.



Jamal Abbas Zaidi
Advisor

Applicable rating criteria: Methodology - Securities Firms Rating (May 2015)
http://www.jcrvis.com.pk/Images/Securities%20methodology%201%20-2015.pdf

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