Press Release

JCR-VIS assigns D rating to entity and musharikah TFC of BRR Guardian Modaraba

Karachi, July 9, 2010: JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned ‘D’ rating to the entity and privately placed musharikah TFC of Rs. 800m issued by BRR Guardian Modaraba (BGM) due to overdue markup payments. Principal payments are scheduled to commence in January 2011.

JCR-VIS had downgraded the entity rating of BGM to ‘BBB/A-3’ (Triple B / A-Three) and rating of the privately placed musharikah TFCs to ‘BBB+’ (Triple B Plus) with a ‘Negative’ Outlook on June 23, 2010. At the time of recently concluded review, we had noted presence of adequate cash and liquid assets to pay off the markup payment falling due on July 7, 2010.

The company has requested restructuring of its outstanding sukuk. Ratings may be revisited once the restructuring exercise is completed.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Mr. Zia Usmani (Ext: 507) at (+92-21) 35311861-70 (10 lines) or fax to (+92-21) 35311872-73.



Javed A. Callea
Advisor

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