Press Release

VIS Assigns Initial Entity Ratings to CDC Share Registrar Services Limited

Karachi, June 29, 2026: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘AA-/A1’ (Double A Minus/A One) to CDC Share Registrar Services Limited (‘CDCSR’ or the ‘Company’). Medium to long term rating of ‘AA-’ indicates high credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short term rating of ‘A1’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned ratings is ‘Stable.’

Assigned ratings reflect CDCSR strong ownership and strategic linkage with Central Depository Company of Pakistan Limited (CDC), the country’s sole central securities depository and a systemically important financial market infrastructure institution. The association provides significant operational, governance, technological, and reputational advantages. Additional comfort is derived from CDC’s strong shareholder base, comprising of leading financial institutions, commercial banks, and capital market entities, which reinforces the stability and credibility of the overall group. Ratings also incorporate CDCSR’s leading position in Pakistan’s share registrar industry, supported by its established service networks, growing market share, and diversified service offerings. Financially, the Company demonstrates strong profitability, supported by healthy operating margins, sustained earnings growth, and a sizeable portfolio of liquid investments. The financial risk profile remains low, underpinned by a debt-free capital structure, strong liquidity indicators, and adequate capitalization supported through profit retention. The ratings also reflect experienced management, sound governance practices, and effective risk management systems.

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


Applicable Rating Criteria: Corporates Ratings
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
VIS Issue/Issuer 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 June 29, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.