Press Release

JCR-VIS assigns Preliminary rating of A+ to the proposed Sukuk issue of BRR Guardian Modaraba

Karachi, October 20, 2007: JCR-VIS Credit Rating Company Limited has assigned a ‘Preliminary’ medium to long-term rating of ‘A+’ (Single A Plus) with a ‘Stable’ outlook, to the proposed privately placed diminishing musharaka based Sukuk certificates of BRR Guardian Modaraba (BRRGM). Entity ratings have been reaffirmed at ‘A/A-2’ (Single A / A-Two) with a ‘Stable’ outlook. The instrument rating will be finalized subsequent to review of signed legal documents.

The issue size of Rs. 800 million will have a tenor of 6 years, inclusive of two year grace period. Rentals will be calculated on the basis of 6-month KIBOR plus 165 bps with no floor or cap. BRRGM and the Trustee (acting on behalf of the investors) will enter into a musharaka agreement for joint ownership of musharaka assets comprising unencumbered fixed assets, including land and rental property owned by BRRGM.

For further information on this rating announcement, please contact the undersigned (Ext: 604) or Ms. Sobia Maqbool (Ext: 506) at 5311861-71 or fax to 5311872-3.



Safdar Kazi
Advisor

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