Press Release

VIS Maintains Entity Ratings of Silk Bank Limited

Karachi, January 03, 2020: VIS Credit Rating Company Limited has maintained the entity ratings of Silk Bank Limited (Silk) at ‘A-/A-2’ (Single A Minus/A-Two). Given the non-renewal of guarantee on the outstanding Tier 2 TFC, instrument rating has been revised from A- (Single A Minus) to BBB+ (Triple B Plus) in line with VIS’s standard notching criteria for rating Basel 3 Compliant Tier 2 instrument. Ratings have been placed on Rating Watch-Developing Status as the Bank’s September 2019 financial statement is in the process of being finalized. Upon finalization of financial statements, VIS will review the ratings. Ratings remain dependent on implicit capitalization support from sponsors for achieving Capital Adequacy Ratio compliance. The previous rating action was announced on June 30, 2019.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at (021) 35311861-66 or email at info@vis.com.pk.


Javed Callea
Advisor

Applicable rating criterion: Commercial Banks Methodology - March 2018
http://vis.com.pk/docs/Meth-CommercialBanks201803.pdf

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 03, 2020 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.