Press Release

JCR-VIS assigns preliminary rating of A to the proposed TFC issue of Saudi Pak Leasing Company Limited

Karachi, June 27, 2007: JCR-VIS Credit Rating Company Limited has assigned a ‘preliminary’ medium to long term rating of ‘A’ (Single A) to the secured and listed term finance certificates (TFCs) proposed to be issued by Saudi Pak Leasing Company Limited. JCR-VIS has also reaffirmed the entity ratings at ‘A-/A-2’. Outlook on the ratings is ‘Stable’.

The proposed issue amount of Rs. 750m is secured by a specific charge on lease assets, with a 25% margin. It carries profit at the rate of 6-month KIBOR plus 200 bps, with no floor or cap. The preliminary instrument rating will be finalized after examination of all signed legal documents.

For further information on this rating announcement, please contact the undersigned (Ext: 604) or Ms. Sabeen Saleem (Ext: 608) at 5311861-72 (12 lines) or fax to 5311873.





Safdar Kazi
Advisor

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