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The Pakistan Credit Rating Agency Limited

Date
30-Sep-2017
Analysts
Jhangeer Hanif
jhangeer@pacra.com

Muneeb Rashid
muneeb.rashid@pacra.com

+92-42-35869504
www.pacra.com
Applicable Criteria

  • Debt Instruments Rating Methodology (Jun 17) [View]
  • Correlation between long-term and short-term rating scale (Jun 17) [View]
  • Methodology | Bank Rating (Jun 17) [View]
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PACRA Withdraws Entity Ratings of NIB Bank Limited
 Rating Type Entity
Current
(30-Sep-2017)
Previous
(15-Jun-2017)
 Action Withdraw Maintain
 Long Term - AA-
 Short Term - A1+
 Outlook - Stable
 Rating Watch - -

NIB Bank Limited (NIB) stands fully amalgamated with and into MCB Bank Limited (MCB) pursuant to the requirements of sanction order dated June 13, 2017, issued by the State Bank of Pakistan under section 48 of the Banking Companies Ordinance, 1962. Consequently, The Pakistan Credit Rating Agency Limited (PACRA) has withdrawn the entity ratings of NIB Bank Limited [Long-term "AA-" and short-term "A1+"].

However, since NIB has also issued a TFC in 2014, pursuant to this transaction, PACRA is updating its rating opinion on the instrument.
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.
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