Press Release

JCR-VIS finalizes rating of AA- assigned to the third issue of unsecured, subordinated, listed TFCs of United Bank Limited
 

Karachi, September 6, 2006: JCR-VIS Credit Rating Company Limited has finalized the medium to long term rating of the proposed third issue of unsecured, subordinated, listed term finance certificates (TFCs) of United Bank Limited at ‘AA-’ (Double A Minus) with a ‘Stable’ outlook following the examination of signed legal documents. The bank is issuing Rs. 2 billion of subordinated debt, with a public offering of Rs. 500m and a tenor of 8 years to contribute towards its tier-II capital, in accordance with the relevant rules as laid down by the State Bank of Pakistan.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem (sabeen@jcrvis.com.pk / Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



Faheem Ahmad
President & CEO

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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