Press Release

JCR-VIS reaffirms ratings of First Credit and Investment Bank Limited at BBB+/A-2 with Stable outlook

Karachi, May 26, 2006: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of First Credit and Investment Bank Limited (FCIBL) (formerly First Credit and Discount Corporation Limited) at ‘BBB+’ (Triple B Plus) with a ‘Stable’ outlook. Short-term rating has also been reaffirmed at ‘A-2’ (A-Two).

Ratings take into account the implied support of National Bank of Pakistan with 50% shareholding. The capitalization level of FCIBL stands strong, thus providing sufficient room for growth. Further diversification in business operations will be required to improve the company’s risk profile. The current management is already working towards broadening the company’s scope of business activities and capacity building measures are being taken accordingly. The management information systems have also been upgraded during the year. The company is planning to increase its network in other cities of the country.

For further information on this rating announcement, please contact the undersigned (safdar@jcrvis.com.pk / ext: 221) or Ms. Sabeen Saleem (sabeen@jcrvis.com.pk / ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



Safdar Kazi
Member Rating Committee &
Coordinator, International Affiliates

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 26, 2006 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.