Press Release
VIS Reaffirms Entity Ratings to OLP Financial Services Pakistan Limited
Karachi, September 11, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of OLP Financial Services Pakistan Limited (‘OLPFSL’ or the ‘Company’) at ‘AAA/A1+’ (Triple A/A-One Plus). Medium to long term rating of ‘AAA' indicates highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt. Short-term rating of ‘A1+’ denotes strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors. Outlook on the assigned ratings is ‘Stable.’ The previous rating action was announced on September 11, 2025.
OLPFSL was incorporated in July 1986 as a joint venture between ORIX Corporation (ORIX) and local investors. The Company is listed on the Pakistan Stock Exchange (PSX) and has a nationwide presence through 30 branches across 25 cities. With nearly four decades of operational experience, OLPFSL delivers a comprehensive range of financial products and services to a diverse customer base. The Company places strategic emphasis on the Small and Medium Enterprises (SME) sector, facilitating business expansion and contributing to employment generation and economic growth in Pakistan.
ORIX is a global integrated financial services group headquartered in Tokyo, Japan, which holds approximately 49.58% of the Company’s shares. It is listed on both the Tokyo Stock Exchange and the New York Stock Exchange. With operations in 28 countries and regions, the sponsor offers a diversified range of services to corporate and retail customers.
The ratings of OLPFSL reflect its strong credit profile, underpinned by a robust governance framework, established market position, and strong sponsor support from ORIX Corporation, Japan. The Company benefits from extensive experience in SME-focused financing, a diversified business platform, and disciplined risk management practices, including prudent underwriting and portfolio monitoring practices. Asset quality has remained sound despite continued portfolio growth and a gradual shift towards finance and loan products. Profitability remained resilient, supported by portfolio expansion, improved funding costs, and a stable spread, although earnings continue to face pressure from lower asset yields and a changing interest rate environment. Capitalization remains adequate due to internal capital generation, while higher leverage accompanying portfolio expansion warrants continued monitoring. Liquidity is considered satisfactory, supported by a diversified funding base, greater reliance on longer-tenor borrowings, and a positive maturity profile. Going forward, the ratings will remain sensitive to the Company’s ability to sustain asset quality, preserve profitability, maintain adequate liquidity, and manage leverage as the financing portfolio expands.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
Non-Bank Finance Company Rating
https://docs.vis.com.pk/Methodologies-2025/NBFC-Nov-2025.pdf
Scale Translation
https://docs.vis.com.pk/Methodologies-2026/Scale-Translation-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf