Press Release
VIS Assigns Preliminary Rating to Proposed Commercial Paper of Pakistan Microfinance Investment Company
Karachi, April 9, 2026: 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.
PMIC plans to issue up to PKR 3,000mn short-term, unsecured, privately placed Commercial Paper (inclusive of a PKR 1,000mn Green Shoe Option) to mobilize funding for onward lending to microfinance banks and institutions. The proceeds will primarily support financial inclusion initiatives, particularly enhancing the socio-economic status. The CP will be issued in denominations of PKR 1 million with a tenor of up to six months, priced at a discount equivalent to Base Rate + 50 bps, and redeemed at face value on maturity. Instruments, issued as promissory notes, will be placed with eligible investors via private placement, with rollovers subject to market conditions.
The CP rating reflects PMIC 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-2025/NBFC-Nov-2025.pdf
Instrument Rating
https://docs.vis.com.pk/Methodologies-2025/IRM-Apr-25.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf