Press Release

JCR-VIS Upgrades Entity Ratings of First Credit and Investment Bank Limited

Karachi, December 31, 2008: JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long-term entity rating of First Credit and Investment Bank Limited (FCIBL) from ‘BBB+’ (Triple B Plus) to ‘A-’ (Single A Minus). Short-term rating has been maintained at ‘A-2’ (A-Two). Outlook on the medium to long term rating is ‘Stable’.

The upgrade takes into account the enhanced equity base of the company, providing the institution with additional loss absorption capacity, and the management’s cautious and prudent approach. By way of an initial public offering, the company achieved listing on the Karachi Stock Exchange. The holding of National Bank of Pakistan and WAPDA has been reduced to 30.8% each.

During 2008, the company saw a slight decline in its resource base as the management chose to adopt a conservative approach, and exposures in equities, both direct and indirect, saw a decline, thereby minimizing the impact of adverse stock market performance on the company’s financials. Exposures in TFCs have been built over the past year, with some of them possessing relatively higher degree of risk. In the near future, FCIBL plans to maintain its conservative stance in view of the current macroeconomic and business environment.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sobia Maqbool (Ext: 506) at 5311861-5311870 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 2008 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited