Press Release

VIS Assigns Preliminary Rating to Proposed Commercial Paper of Pakistan Microfinance Investment Company

Karachi, September 04, 2025: VIS Credit Rating Company Limited (‘VIS’) assigns preliminary rating of ‘A1+(plim)’ (A One Plus (Preliminary)) to the proposed Commercial Paper (CP) of Pakistan Microfinance Investment Company (‘PMIC’ or the ‘Company’). Short-term rating of A1+ indicate the strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors. Rating will be finalized on receipt of final CP documents.

The CP rating reflects PMIC’s strategic position as Pakistan’s largest wholesale lender to microfinance institutions, serving as a key enabler of the country’s financial inclusion agenda. Rating also incorporates strong sponsor backing from Pakistan Poverty Alleviation Fund (PPAF), Karandaaz, and KfW Development Bank (KfW), providing financial strength, sector expertise, and operational support. PMIC preserves strong asset quality through rigorous underwriting and continuous monitoring of partner institutions, sustaining credit quality amid microfinance sector challenges. The Company’s sound liquidity profile, reinforced by sponsor support, robust capitalization, and prudent funding strategies provides additional comfort for timely redemption of the instrument. A streamlined governance framework, experienced management, and ongoing strategic initiatives in product innovation, green financing, and women-focused financial inclusion enhance sustainability and long-term creditworthiness, while its planned short-term commercial paper program reflects prudent funding diversification to support operational growth.

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

Applicable Rating Criteria:
Non-Banking Finance Company
https://docs.vis.com.pk/Methodologies%202024/NBFCs202003.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 September 04, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.