Press Release

JCR-VIS revises the rating assigned to The Cooperative Insurance Society of Pakistan Limited to C (Single C)

Karachi, December 30, 2005: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Insurer Financial Strength (IFS) rating of The Cooperative Insurance Society of Pakistan Limited (CISPL) from ‘B’ (Single B) to C (Single C). The outlook on rating is ‘Stable’.

Ratings have been revised owing to the delay in the payment of claim obligation due to inadequate coverage from quality re-insurers during the period FY2004 and low liquidity resulting from a large proportion of the resource base being held as fixed assets. Although, the company has devised a strategy to mobilize funds and settle this claim. The implementation of the plan is to be monitored.



Faheem Ahmed
President & CEO

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 December 30, 2005 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.