JCR-VIS Upgrades Entity Ratings of First Credit and Investment Bank Limited
Karachi, December 28, 2010: JCR-VIS Credit Rating Company Limited (JCR-VIS) has re-affirmed the medium to long-term entity rating of First Credit and Investment Bank Limited (FCIBL) at ‘A-’ (Single A Minus) and short-term entity rating at ‘A-2’ (A-Two). Outlook on the medium to long term rating is ‘Stable’.
Karachi, December 28, 2010: JCR-VIS Credit Rating Company Limited (JCR-VIS) has re-affirmed the medium to long-term entity rating of First Credit and Investment Bank Limited (FCIBL) at ‘A-’ (Single A Minus) and short-term entity rating at ‘A-2’ (A-Two). Outlook on the medium to long term rating is ‘Stable’.
The NBFCs sector in general has been under stress during the last two years on account of the prevailing economic conditions. Consequently, quality of exposures assumed by FCIBL, over the last two years, has faced deterioration. Proportion of high risk assets that are either non-performing or have been recently restructured has increased over time. Going forward, asset quality trends need to be arrested to maintain risk profile of the company. While management plans to develop new avenues for business, it would take time to attain required impact on bottom line.
Link to JCR-VIS’s press release is given below: