Karachi, October 14, 2016: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed entity ratings of ‘BBB+/A-2’ (Triple B Plus/A-Two) assigned to Security Investment Bank Limited (SIBL) on ‘Rating Watch Developing’ status. The previous rating action was announced on July 7, 2015.
In a recent Board meeting, it was decided that the company will continue as a non-deposit taking institution to comply with the Minimum Capital Requirement (MCR). As per the amended NBFC rules, a non-deposit taking financial institution must maintain a MCR of Rs. 100m. At end-June 2016, equity of the company stood comfortably above this level at Rs. 519.5m. Ratings will be reviewed once future business and financial plans are formalized.
For further information on this rating announcement, please contact Mr. Mohammed Khalid Ali (Ext: 241) or Mr. Javed Callea (Ext: 234) at 021-35311861-70 or fax to 021-35311873.
Jamal Abbas Zaidi
Applicable Rating Criteria: Non-Banking Financial Companies (March 2005) http://www.jcrvis.com.pk/Images/NBFC.pdf
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