Press Release

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

Karachi, March 5, 2009: JCR-VIS Credit Rating Company Limited has revised the entity ratings of Saudi-Pak Leasing Company Limited (SPLC) from ‘BBB+/A-3’ (Triple B Plus/A-Three)’ to ‘BBB/A-3’ (Triple B/A-Three). Rating of the outstanding Term Finance Certificates has also been revised from ‘A-’ (Single A Minus) to ‘BBB+’ (Triple B Plus). Ratings continue to be under ‘Rating Watch Developing’ status in view of the on-going merger dialogue.

The revision in ratings takes into account the weakening risk profile of the institution as can be gauged by the erosion in capital and resultant increase in debt leverage. Furthermore, profitability from core operations has also suffered considerably both on account of rising cost of funds and increasing level of delinquencies in the portfolio. Liquidity constraints have persisted with mismatch in assets and liabilities also being acute.

JCR-VIS will continue to monitor the performance of the company and update investors with future developments regarding the merger and implications for the risk profile of the company.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 506) or Ms. Sobia Maqbool (Ext: 510) at 5311861-70 or fax to 5311873.


Faheem Ahmad
President & CEO

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 2009 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .