Press Release

JCR-VIS upgrades medium to long-term entity ratings of Pak-Gulf Leasing Company Limited

Karachi, July 29, 2011: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long-term entity rating of Pak-Gulf Leasing Company Limited (PGL) to ‘BBB+’ (Triple B Plus) from ‘BBB’ (Triple B). Short-term rating has been maintained at ‘A-3’ (A-Three). Outlook on ratings is ‘Stable’.

Ratings incorporate the prudent management of lease portfolio amidst a challenging business environment. Core business operations increased in FY11, after experiencing marginal decline in preceding year. The company has, however, been able to reduce the quantum of non-performing exposures significantly with effective recoveries, while keeping infection levels under control. Profitability indicators of PGL have improved, while the company’s conservative approach to business growth and minimum use of leverage has ensured a conservative risk profile.

For further information on this rating announcement, please contact Mr. Jamal Abbas Zaidi (Ext: 408) or Ms. Sabeen Saleem (Ext: 510) at 021-35311861-70 or fax to 021-35311872-3.


Faheem Ahmad
President & CEO

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