Press Release

JCR-VIS Revises Long Term Entity Rating of Grays Leasing Limited to BBB

Karachi, May 19, 2009: JCR-VIS Credit Rating Company Limited has revised the medium to long term entity rating of Grays Leasing Limited (GLL) from ‘BBB+’ (Triple B Plus) to ‘BBB’ (Triple B), while short term rating has been maintained at ‘A-3’ (A-Three). Outlook on the rating continues to be ‘Negative’.

The rating action has been triggered by the weakening in risk profile of the institution. In the on-going year, the company had to set aside significant amount in provisions against non-performing leases and registered a loss of almost Rs. 57 million for the nine month period ended March 31, 2009. The increased cost of doing business and higher interest rate regime has also affected repayment capacity of clients, though management continues to actively pursue the delinquent cases. Growth in financing portfolio has been restricted on account of limited access to funds.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-3.



Safdar Kazi
Director

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 May 19, 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.