Press Release

JCR-VIS Revises Entity Ratings of Saudi Pak Leasing Company Limited to BBB+/A-3 from A-/A-2

Karachi, November 10, 2008: JCR-VIS Credit Rating Company Limited has revised the issuer and issue ratings of Saudi Pak Leasing Company Limited (SPLC) to ‘BBB+/A-3’ (Triple B Plus/A-Three) from ‘A-/A-2’ (Single A Minus/A-Two) and ‘A-’ (Single A Minus) from ‘A’ (Single A) respectively.

Rating decision has been triggered by heightened stress on the NBFC sector and high debt leverage of SPLC, which has exacerbated the impact of risks in the macro environment. Credit quality indicators have also gradually deteriorated over the last few reporting periods. Financial support from the parent company has not been available in a meaningful manner during this time. Liquidity constraints in the financial market as a whole and the virtual standstill in the local capital markets have also contributed to the present situation and placed considerable pressure on the rating outlook that remains ‘Negative’ for the time being.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311873.




Safdar Kazi
Director

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 2008 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .