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News Release |
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Saudi Pak Bank Receives "A-" Rating |
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Karachi, June 13, 2008: JCR-VIS Credit Rating Company Limited has upgraded the medium to long term entity rating of Saudi Pak Commercial Bank (SPCBL) from ‘BBB+’ (Triple B Plus) to ‘A-‘ (A Minus). Short term rating has been maintained at ‘A-3’ (A-Three). Outlook on the assigned rating is ‘Stable’. |
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The upgrade in the medium to long term rating reflects the change in ownership of the bank with a proposed equity injection of Rs. 4 Billion through an 80% right issue. In addition to meeting regulatory requirements, the proposed equity injection is also expected to significantly improve the risk profile of the bank. |
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In addition to the fact that the new sponsors comprising of International Finance Corporation (a member of the World Bank Group), Bank Muscat, Nomura International and Sinthos Capital constitute reputable names from the international financial sector; rating also take support from the experience and competence of the new inductees into the core management and other steps to enhance the bank’s business and risk management capabilities. |
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The rating agency has noted the banks’ plan to significantly enhance capitalization and efforts to implement business strategy under the current economic scenario and will keenly continue to monitor its progress. |
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