Press Release

JCR-VIS Revises Entity Ratings of Pak-Gulf Leasing Company Limited to BBB-/A-3


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Karachi, February 28, 2008: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the entity ratings of Pak-Gulf Leasing Company Limited (PGL) to ‘BBB-/A-3’ (Triple B Minus/A-Three) from ‘BBB+/A-2’ (Triple B Plus/A-Two). Outlook on the medium to long term rating has been revised from ‘Negative’ to ‘Stable’.

The weakening trend in portfolio quality indicators continued into 2007 with net infection having inclined significantly. Turnover at senior management level also precluded efforts to contain the increase in delinquencies while business volumes also continued to decline. On account of this, the risk profile of the company has experienced significant weakening.

Recently, a new Chief Executive Officer has assumed office and efforts are being made to revive operations, including recovery of outstanding dues and underwriting fresh leases. The sponsors have also committed to inject capital to meet the increased equity requirement for leasing companies by June 2008. JCR-VIS will continue to monitor the steps taken by the new management to address the issues currently faced by the organization.

For further information on this rating announcement, please contact the undersigned (Ext: 408) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311873.

Safdar Kazi

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited 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.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.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2008 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited