Press Release

JCR-VIS reaffirms Entity Ratings of Rozgar Microfinance Bank Limited

Karachi, May 2, 2008: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the rating of Rozgar Microfinance Bank Limited (RMBL) at ’BB+/A-3’ (Double B Plus / A-Three). Outlook on the ratings has been revised from ‘Stable’ to ‘Negative’.

The revision in outlook comes as a result of losses encountered in 2007. The increase in non-performing loans (NPLs) witnessed during the year has caused an increase in provisioning requirements, and a slowdown in disbursements in contrast to the projected numbers. However, pace of recovery and loan booking has considerably increased during the last two quarters. JCR-VIS will closely watch these trends for future improvement. In case, of reversal or continuing stress on equity, ratings may be revised downwards.

JCR-VIS Credit Rating Co Ltd. believes that the bank’s performance thus far has also been adversely affected by the high staff turnover. We will continue to monitor developments in this regard.

For further information on this rating announcement, please contact Mr. Mansur Ali Shah ( or Mr. Ziauddin Ahmed ( at 5311861 or fax to 5311873.

Faheem Ahmad
President & CEO

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