Press Release

Update on Ratings of Silk Bank Limited

Karachi, June 30, 2021: VIS Credit Rating Company Limited notes that State Bank of Pakistan has granted extension to Silk Bank Limited (Silk) till June 30, 2021 for finalizing and publishing its annual accounts for the year ended December 31, 2020 and first quarterly accounts for the period ended March 31, 2021. Further extension has been applied which is under process. Upon finalization of financial statements, VIS will review the ratings.

Silk Bank Limited (Silk) has an entity rating of ‘A-/A-2’ (Single A Minus/A-Two) and Tier-2 TFC rating of BBB+ (Triple B Plus) with Rating Watch-Negative Status. The previous rating action was announced on October 12, 2020.

For further information on this rating announcement, please contact Mr. Arsal Ayub, CFA (Ext: 216) 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 - June 2020
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/Meth-CommercialBanks202006.pdf

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