Karachi, June 27, 2023: VIS Credit Rating Company Limited has issued a new Rating Scale for hybrid Tier-1 and Tier-2 capital instruments issued by Banks (https://docs.vis.com.pk/docs/VISRatingScales.pdf), under Basel III guidelines as implemented by SBP. The rating scale captures the peculiar characteristics of the hybrid instruments in relation to their conversion/write down features. Accordingly, rating of outstanding Tier -2 TFC of Summit Bank has been harmonized at ‘B’ (Single B). Instrument rating of ‘B’ denotes that payments are not being made as per original schedule. Future performance is less likely. Outlook on the instrument rating has been placed on ‘Rating Watch-Negative’.

For further information, please contact the undersigned at 021-35311861-64 (Ext. 207) or email at info@vis.com.pk


Javed Callea
Advisor

Applicable Rating Criteria: Financial Institution Methodology (June 2023)
https://docs.vis.com.pk/docs/FinancialInstitution.pdf

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