Press Release

JCR-VIS reaffirms ratings of Saudi Pak Industrial and Agricultural Investment Company (Pvt.) Ltd. at AA+/A-1+

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Karachi, June 30, 2007: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has reaffirmed the medium to long-term entity rating of Saudi Pak Industrial and Agricultural Investment Company (Pvt.) Ltd. (SAPICO) at ‘AA+’ (Double A Plus) with a ‘Stable’ outlook. Short-term rating has also been reaffirmed at ‘A-1+’ (A One Plus).

SAPICO is a joint venture between the Government of Pakistan and Saudi Arabia, each holding 50% shareholding of the company. Implicit support of the two sovereigns has been incorporated into the assigned ratings. The company has maintained strong capitalization indicators over the years.

Profitability indicators for 2006 were adversely impacted both by the interest rate scenario, particularly for the secondary market borrowers, and the lower yields on capital market activities. Furthermore, Saudi Pak has further enhanced its holding in its financial subsidiaries during the last one and a half years, which have so far yielded very low return. The management is however evaluating various alternatives as regards restructuring of its portfolio of strategic investments. Over the long-term, the institution’s risk profile is likely to remain strong.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861-72 (12 lines) or fax to 5311873.

Faheem Ahmed
President & CEO

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 2007 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