Pakistan Credit Rating Agency (Pacra) has maintained the long-term and short-term ratings of Pak-Libya Holding Company (Pvt) Limited at "AA-" (double A minus) and at "A1" (A one plus) respectively, says a press release. These ratings denote a very low expectation of credit risk emanating from the highest capacity for timely payment of financial commitments.
The ratings reflect the joint ownership of Pak-Libya by both country governments. At the same time, the ratings factor-in the strong risk absorbing capacity on the back of a relatively less leveraged capital structure. Keeping in view the unprecedented macro and micro level economic conditions being faced by the country, the Board of Directors of Pak-Libya has devised new business plan which has been successfully implemented by the management, as evident from the performance of the company during the last six months period.
According to report that Pak-Libya is the only DFI, which has sponsored a 75 MW private sector rental power plant. Moreover, during the first half year ended June 30, 2009, company has won lead mandates for various projects and locked-in record fee based income. During the aforesaid period, Net Interest Margin (NIM) of Pak-Libya shows significant increase, as the lending has been done at higher spread.
They established a joint stock company in 1978 equally owned by the government of Islamic Republic of Pakistan and Socialist Peoples Libyan Arab Jamahiriya. The shareholders of the Pak-Libya comprise of State Bank of Pakistan (SBP) and Libyan Foreign Investment Company (LFICO), Libya. LFICO, a state owned company, has a large portfolio of investments spread over Africa, Asia, Europe and Americas.-PR
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