Press Release

JCR-VIS reaffirms entity ratings at AAA/A-1+ and assigns corporate governance ratings of Pakistan Kuwait Investment Company (Private) Limited

Karachi, June 28, 2008: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the medium to long-term entity rating of Pakistan Kuwait Investment Company (Private) Limited (PKIC) at ‘AAA’ (Triple A) with a ‘Stable’ outlook. The short-term entity rating has also been reaffirmed at ‘A-1+’ (A-One Plus).

Sponsored by the Government of Pakistan and the Government of Kuwait through the State Bank of Pakistan and Kuwait Investment Authority respectively, PKIC’s ratings derive strength from the implied support of the two joint venture partners. A global credit rating agency has assigned sovereign ratings of ‘AA-/Stable/A-1+’ to the State of Kuwait. The reaffirmation also takes into account the risk profile of PKIC that has consistently remained strong. The company continues to operate with sound asset quality indicators and robust profitability and has maintained healthy capitalization and liquidity levels commensurate with the assigned ratings.

JCR-VIS understands that an appointment in the senior management may raise an issue regarding best corporate practices. JCR-VIS has assigned corporate governance rating issued to PKIC at ‘CGR-8’.

For further information on this rating announcement, please contact Mr. Mustafa Ahmad (mustafa@jcrvis.com.pk) or Mr. Mansur Ali Shah (mansur@jcrvis.com.pk) at 92-21-5311861 or fax to 92-21-5311873.


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