Press Release

VIS Update on Broker Fiduciary Rating of First National Equities Limited

Karachi, October 10, 2024: VIS Credit Rating Company Limited (VIS) has placed the outstanding Broker Fiduciary Rating (BFR) of First National Equities Limited of “BFR3+” on ‘Rating Watch- Developing’ status. Previous rating action was announced on March 06, 2024.

Rating Watch is on account of Company’s decision, as shared in its notice to Pakistan Stock Exchange (PSX), to convert its Trading & Self-Clearing broker license to Trading Only broker license and in lieu of that has requested PSX to voluntarily switch off its trading terminals. VIS will review the BFR rating on finalization of conversion of license to Trading Only and receipt of updated business plan from the Company.

For further information on this rating, please 021-35311861-64 or email at info@vis.com.pk.



Applicable Rating Criteria: Broker Fiduciary Ratings:
https://docs.vis.com.pk/Methodologies%202024/Broker-Fiduciary-Rating.pdf
VIS Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.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 October 10, 2024 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.