JCR-VIS Credit Rating has assigned a 'preliminary medium to long term rating to 'A-' (Single A Minus) the proposed second tranche of the musharakah based listed term finance certificate of Al-Zamin Leasing Modaraba (AZLM). The rating of the Rs 300 million has been assigned following a review of draft legal documents and will be finalised after examination of the signed legal documents.
On October 13, 2004, the short-term entity rating of Al-Zamin had been upgraded to A 2 (A Two) from A 3 (A Three) while the medium to long-term entity rating had been maintained at BBB+ (Triple B Plus) with a 'stable' outlook.
The upgrade reflected a change in the funding mix of the institution with its improved access to the capital market for long-term funds enabling it to better match assets and liabilities.
AZLM had also achieved significant growth during FY04 while maintaining emphasis on credit quality and diversification.
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