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Press Release

VIS Withdraws Instrument Ratings of Bank Alfalah Limited

Karachi, July 04, 2022: VIS Credit Rating Company Limited (VIS) has withdrawn the instrument rating of ‘AA-’ (Double A Minus) assigned to Bank Alfalah Limited’s (BAFL) Basel 3 Tier-1 debt instrument with immediate effect due to termination of ‘Application and Agreement’ dated October 16, 2017 between VIS and BAFL. The previous rating action was announced on June 30, 2021.

BAFL issued an Additional Tier-1 instrument in March’2018. Features of the instrument include the same being listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible debt instruments amounting Rs. 7.0b. The issue proceeds contribute towards the bank’s additional Tier-1 capital and was utilized towards enhancement of the bank’s business operations.

As rating is being withdrawn prior to the maturity of the instrument, on specific request of BAFL, VIS bears no liability with regards to the performance of the instrument for its remaining life.

For further information on this rating announcement, please contact Ms. Asfia Aziz (Ext. 212) or the undersigned (Ext. 306) at 021-35311861-70 or email at info@vis.com.pk .



Faryal Ahmad Faheem
Deputy CEO

Applicable rating criterion: 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 July 04, 2022 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.