Press Release

JCR-VIS Maintains Long Term Rating of Grays Leasing Limited at BBB+

Karachi, November 17, 2008: JCR-VIS Credit Rating Company Limited has maintained the long term entity rating of Grays Leasing Limited (GLL) at ‘BBB+’ (Triple B Plus) and short term rating has been revised from ‘A-2’ (A-Two) to ‘A-3’ (A-Three).

The high level of delinquencies in the portfolio has persisted as repayment capacity of a large number of borrowers has been constrained on account of the escalated interest rates. The company had to set aside higher amounts in provisions against the delinquent portfolio in 2008, while management continues to actively pursue the overdue receivables. Balance sheet size has also reduced over the last few quarters, while markup spreads remain marginalized. Outlook on the ratings remains ‘Negative’ as liquidity constraints persist in the financial market as a whole and the operating environment remains challenging for secondary market borrowers. JCR-VIS will continue to monitor the company’s ability to maintain its risk profile in this backdrop.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-70 or fax to 5311872-3.



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