Press Release

JCR-VIS revises the rating assigned to The Cooperative Insurance Society of Pakistan Limited to C (Single C)

Karachi, December 30, 2005: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the Insurer Financial Strength (IFS) rating of The Cooperative Insurance Society of Pakistan Limited (CISPL) from ‘B’ (Single B) to C (Single C). The outlook on rating is ‘Stable’.

Ratings have been revised owing to the delay in the payment of claim obligation due to inadequate coverage from quality re-insurers during the period FY2004 and low liquidity resulting from a large proportion of the resource base being held as fixed assets. Although, the company has devised a strategy to mobilize funds and settle this claim. The implementation of the plan is to be monitored.



Faheem Ahmed
President & CEO

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