Press Release

JCR-VIS reaffirms ratings of Pak-Gulf Leasing Company Limited

Karachi, January 06, 2006: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of Pak-Gulf Leasing Company Limited (PGL) at ‘BBB+’ (Triple B Plus) with ‘Stable’ outlook and the short-term rating at ‘A-2’ (A Two).

The risk profile of PGL has remained consistent over time. PGL’s fundamental strengths remain its strong portfolio quality and low leverage. Growth over the last year has lagged behind sector trends, resulting in reduction of market share. JCR-VIS has however noted the recent change in management and PGL’s progress vis-à-vis its business plan and the trends in the financial sector will be monitored over the rating horizon.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



Faheem Ahmad
President & CEO

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 January 06, 2006 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.