Press Release

JCR-VIS Reaffirms Ratings of NBP Capital Limited at A/A-1

Karachi, July 02, 2007: JCR-VIS Credit Rating Company Limited has reaffirmed the medium to long term entity rating of NBP Capital Limited (NBPCL) at ‘A’ (Single A) and short-term rating of ‘A-1’ (A-One). The outlook on medium to long term rating is ‘Stable’.

The ratings take into account the parent support which NBPCL derives from National Bank of Pakistan, being its fully owned subsidiary. We have noted the management’s efforts to develop the leasing portfolio with view to increase lending operations gradually. While this has resulted in a dip in liquidity indicators, they still remain strong. On the other hand, this has led to improved core profitability for the company which is an important factor in view of the increased overheads for the last two years and the shrinkage in spreads in line with the overall trend in the NBFC sector. The asset quality indicators for the leasing portfolio shall be monitored closely by JCR-VIS as the portfolio becomes seasoned. JCR-VIS will also be reviewing any changes in strategy resulting from the planned change in the position of the CEO.

For further information on this rating announcement, please contact with Mr. Safdar Kazi ( or Mr. Saad Ahmed Madani ( at 5311861 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