Press Release

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

Karachi, December 31, 2009: JCR-VIS Credit Rating Company Limited (JCR-VIS) has re-affirmed the medium to long-term entity rating of First Credit and Investment Bank Limited (FCIBL) at ‘A-’ (Single A Minus) and short-term entity rating at ‘A-2’ (A-Two). Outlook on the medium to long term rating is ‘Stable’.

The reaffirmation takes into account the improved capitalization of FCIBL with an increase in paid-up capital to Rs. 650m during the outgoing year. This has provided strength to the company amid the confidence crisis prevailing in the NBFC sector. Risk profile of the company’s investment portfolio has been affected on account of prevailing economic conditions, with some investments now at higher risk of delays/non-payment. However, the quantum of these exposures is still manageable given the bank’s loss absorption capacity.

JCR-VIS has taken into consideration certain positive steps taken recently, which include expansion in branch network, offering of new liability products targeting mainly individuals and increased level of automation.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 501) or Ms. Sabeen Saleem (Ext: 510) at 35311861-35311870 or fax to 35311873.

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 .