Press Release

VIS Assigns Initial Entity Ratings to Islamic International Medical College Trust

Karachi, December 31, 2025: VIS Credit Rating Company Limited (VIS) has assigned initial entity ratings of ‘A/A1’ (Single A /A One). to Islamic International Medical College Trust. Medium to long term rating of ‘A’ indicates good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of 'A1' Strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Outlook on the assigned rating is ‘Stable’.

Established in 1995, the Islamic International Medical College Trust (‘IIMCT’ or ‘the Trust’) is an educational and welfare organization that operates five university campuses, including the flagship Riphah International University (RIU), and four accredited hospitals across Rawalpindi and Islamabad. Managed by a Board of Trustees comprised of experienced professionals, the Trust has demonstrated strong operational and financial resilience.

The Trust’s business risk profile is supported by the inelastic demand and low cyclicality in healthcare and education sector. This essential service model, characterized by a growing patient and student base, ensures operational stability and financial resilience. Assigned ratings are underpinned by a strong financial profile, marked by strong profitability and balance sheet strengthening. Profitability remains resilient due to sustained revenue growth and debt coverage has been bolstered by strong cash flow generation. Liquidity is supported by a healthy current ratio, short cash conversion cycle and substantial cash holdings. While new initiatives may increase debt, the Trust’s cash flow generation is expected to mitigate impact on capital structure. Navigating this expansionary phase with financial prudence while maintaining operational resilience will remain important for assigned ratings.

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



Applicable Rating Criteria:

Educational Institutes and Corporates
https://docs.vis.com.pk/docs/EducationalInstitution-2023.pdf
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 December 31, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.