VIS Reaffirms Entity Ratings of Pak Oman Investment Company Limited

Karachi, June 30, 2021 (PPI-OT):VIS Credit Rating Company Limited has reaffirmed the entity ratings of Pak Oman Investment Company Limited (POIC) at ‘AA+/A-1+’ (Double A Plus/A-One Plus). The long term rating of ‘AA+’ signifies high credit quality, protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. The short-term rating of ‘A-1+’ signifiesRead More…

Update on Ratings of Summit Bank

Karachi, June 30, 2021 (PPI-OT):No further financial statements have been released by Summit Bank Limited since our last press release dated September 28, 2020. Therefore, ratings remain suspended.
For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: Read More…

VIS Upgrades Entity Ratings of Meezan Bank Limited to AAA/A-1+

Karachi, June 30, 2021 (PPI-OT):VIS Credit Rating Company Limited has upgraded the entity ratings of Meezan Bank Limited (‘MEBL’ or ‘the Bank’) to ‘AAA/A-1+’ (Triple A/ A-One Plus) from ‘AA+/A-1+’ (Double A Plus/ A-One Plus). The medium to long-term rating of ‘AAA’ denotes highest credit quality, with negligible risk factors, being only slightly more than for risk-free debt of Government of PakistRead More…

VIS reaffirms HBL’s ‘AAA’ entity ratings and rating of ADT-1 instrument is reaffirmed at ‘AA+’

Karachi, June 30, 2021 (PPI-OT):VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Habib Bank Limited (HBL) at ‘AAA/A-1+’ (Triple A/A-One Plus). Rating of HBL’s Basel III compliant additional Tier-1 (ADT-1) TFC (issued in September 2019) has also been reaffirmed at AA+ (Double A Plus). Outlook on all the assigned ratings is ‘Stable’. Previous rating action was announced on June 30,Read More…

VIS Reaffirms Entity Ratings of Faysal Bank Limited

Karachi, June 30, 2021 (PPI-OT):VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Faysal Bank Limited (FBL) at ‘AA/A-1+’ (Double A/A-One Plus). Long term rating of ‘AA’ indicates high credit quality; protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short term rating of ‘A-1+’ indicates highest certainty of timeRead More…

VIS Reaffirms Instrument Ratings of Bank Alfalah Limited

Karachi, June 30, 2021 (PPI-OT):VIS Credit Rating Company Limited (VIS) has reaffirmed the instrument ratings of Bank Alfalah Limited’s (BAFL) Basel 3 Tier-1 debt instrument at ‘AA-’ (Double A Minus). Outlook on the assigned ratings is ‘Stable’. The previous rating action was announced on June 30, 2020.
Ratings assigned to BAFL take into account strong profile of majority shareholder, Abu Dhabi Group, whichRead More…

Bestway Cement Announces Commissioning of 14.3 MW Solar Power Project at Farooqia Plant

Islamabad, June 30, 2021 (PPI-OT):Bestway Cement and Reon Energy Limited today energized 14.3 MW captive Solar Power Project at Farooqia, Khyber Pakhtunkhwa. The Solar Photovoltaic Plant is part of around a 50 MW project deal dispersed across Bestway’s four locations i.e., Farooqia, Chakwal, Kallar Kahar and Hattar. The deal between Bestway and Reon is the largest distributed energy project in the region to date. TRead More…

Tabish Gauhar visits FPCCI, Immediate Resumption of Gas Supply to Industry demanded

Karachi, June 30, 2021 (PPI-OT):Mian Nasser Hyatt Maggo, President FPCCI, has demanded immediate resumption of gas supply to Karachi’s industry on behalf of the entire business, industrial, and trade community; he was speaking on the occasion of Mr. Tabish Gauhar – Special Assistant to Prime Minister on Power and Petroleum – visit to FPCCI.
Mian Nasser Hyatt Maggo said that the entire industry is unitedRead More…

Pakistan Exports to Sri Lanka: Sri Lanka to Consider Offering Same Tariffs as Applicable to India

Karachi, June 30, 2021 (PPI-OT):Mian Nasser Hyatt Maggo, President FPCCI, considers it be no less than a break-through that H.E. G.L. Gnanatheva – Consul General of Sri Lanka in Karachi – has advised Pakistani businessmen, exporters, and Pakistan-Sri Lanka Business Council of FPCCI to have a comparative study on the tariffs Pakistani and Indian Exporters in Sri Lanka have to pay on different products; whiRead More…

Gerry’s dnata becomes first to reliably handle pharma products in Karachi

Karachi, June 30, 2021 (PPI-OT):Gerry’s dnata, the leading ground services provider in Pakistan, has been awarded the Good Distribution Practice certification for the safe and reliable pharmaceutical handling services at the company’s state-of-the-art facility in Karachi. According to a statement issued on Wednesday, GDP is a program focused on systems for warehouses and distribution centres that store and distriRead More…