Press Release

JCR-VIS assigns Preliminary Rating to the subordinated TFC of Saudi Pak Commercial Bank Limited
 

Karachi, August 1, 2006: JCR-VIS Credit Rating Company Limited has assigned a ‘Preliminary’ medium to long-term rating of ‘A-’ (Single A Minus) with a ‘Stable’ outlook to the proposed listed, unsecured, subordinated term finance certificate of Saudi Pak Commercial Bank Limited. JCR-VIS has also re-affirmed the entity rating of the bank at ‘A/A-2’ (Single A/ A-Two) with a ‘Stable’ outlook. The preliminary rating of the issue will be finalized after examination of all signed legal documents.

The term finance certificates proposed to be issued will enhance tier II (supplementary) capital, thereby supporting the bank’s entity ratings as well as facilitating its growth objectives. The issue size of Rs. 1 billion will have a tenor of 8 years and with terms subject to the approval of the State Bank of Pakistan being in accordance with the eligibility criteria of subordinated debt as tier-II capital for capital adequacy computations. The rating agency has noted the bank’s plan to significantly enhance tier-I capitalization, the implementation of which would be monitored.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or the undersigned (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.




Sabeen Saleem
Group Head – Financial Institutions

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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 2006 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