The Pakistan Credit Rating Agency (Pacra) has assigned a long-term rating of "AAA" (Triple A) and a short-term rating of "A1+" (A One Plus) to Standard Chartered Bank (Pakistan) Limited (SCBPL). The bank's three listed, subordinated TFCs are also assigned "AAA" rating.
These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments. The ratings remain subject to a formal review by Pacra on release of audited financial statements for the year 2006.
The ratings reflect the bank's sound financial profile, a leading market position, robust risk management systems, and a quality management team. At the same time, Pacra recognises the financial strength and international profile of the parent - Standard Chartered Bank (SCB) - in the banking industry and continuing strong support to SCBPL.
The intrinsic value of group support is to be seen in the context of the strong international rating of SCB. The management has devised a comprehensive strategy and, while capitalising on the strength of the combined entity, intends to further improve its market standing through sustained growth in the targeted segments.-PR
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