Press Release

JCR-VIS Assigns Final Rating to the PPTFC issue of NRSP Microfinance Bank Limited

Karachi, September 21, 2016: Upon submission of legal documentation, JCR-VIS Credit Rating Company Limited has finalized the ratings of ‘A-’ (Single A Minus) assigned to the Privately Placed Term Finance Certificate (PPTFC) issue of NRSP Microfinance Bank Limited (NRSPB). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on June 14, 2016.

The rating assigned to the PPTFC takes into account the security structure of the instrument whereby partial cash coverage of upto Rs. 300m (equivalent to 10% of the issue size) is available throughout the instrument tenor along with first pari passu charge on present and future current assets of the bank with a 25% margin. Rating also takes note of sufficient cushion available in the balance sheet to meet obligations other than depositors. The issue amount is Rs. 3b inclusive of a green shoe option of Rs. 1b with principal repayment in eight equal quarterly installments over the period of two years beginning from the third month of the issue date.

For further information on this rating announcement, please contact the undersigned (Ext: 234) or Mr. Mohammed Khalid Ali (Ext: 241) at (021) 35311861-70 or fax to (021) 35311872-3.

Javed Callea

Applicable Rating Criteria:

Microfinance Institutions (October 2003) (
Rating the Issue (September 2014) (

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 2016 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