JCR-VIS Credit Rating Company has reaffirmed the medium to long-term entity rating of First Paramount Modaraba (FPM) at BBB- (Triple B Minus) with a 'stable' outlook. Short-term rating has also been reaffirmed at A-3 (A-three).
The FPM said low debt leverage and its liquidity is adequate. The ratings take into account management's efforts to diversify income stream through business diversification along with growth in assets during the period under review. However, although the management company has recently taken over another Modaraba, the combined entity would still have a limited market presence.