Press Release

JCR-VIS finalizes rating of A assigned to the proposed TFC issue of Saudi Pak Leasing Company Limited

Karachi, September 14, 2007: JCR-VIS Credit Rating Company Limited has finalized the medium to long term rating of ‘A’ (Single A) assigned to the proposed issue of listed and secured term finance certificates (TFCs) of Saudi Pak Leasing Company Limited (SPLC) following the examination of signed legal documents. Entity ratings have been reaffirmed at ‘A-/A-2’ (Single A Minus / A-Two). Outlook on the ratings is ‘Stable’.

The proposed issue of TFCs amounting to Rs. 750 million will help improve the asset/liability mis-match while also allowing the company to grow its lease portfolio. The TFC is secured by a first charge on specific lease assets.

For further information on this rating announcement, please contact the Ms. Sabeen Saleem (Ext: 608) or Ms. Sobia Maqbool (Ext: 506) at 5311861-72 (12 lines) or fax to 5311873.





Safdar Kazi
Advisor

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 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 September 14, 2007 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.