Press Release

Ratings of Silk Bank Limited

Karachi, November 10, 2022: VIS Credit Rating Company Limited has revised the rating of outstanding Tier 2 TFC of Silk Bank Limited to ‘B+’ (Single B Plus). This is done as the Bank ceased to make the coupon payments during the current year because of the lock in clause having been invoked by State Bank of Pakistan (SBP). Rating of ‘B+’ denotes that obligations are deemed less likely to be met. Protection factors are capable of fluctuating widely if changes occur in the economy. Overall quality may move up or down frequently within this category or into higher or lower rating grade. Outlook on the instrument rating has been placed on ‘Rating Watch-Negative’.

Last announced entity rating of ‘A-/A/2’ (Single A Minus/A-Two) as of October 12, 2020 remains on ‘Rating Watch-Negative’. Once a definite capital plan along with latest financials is made available, VIS will review the ratings.

For further information on this rating announcement, please contact the undersigned (Ext: 207) at (021) 35311861-66 or email at info@vis.com.pk.





Sara Ahmed
Director



Applicable Rating Criteria: Commercial Banks Methodology (June 2020)
https://docs.vis.com.pk/docs/Meth-CommercialBanks202006.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 November 10, 2022 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.