The Pakistan Credit Rating Agency (PCRA) has upgraded the long-term entity rating of ORIX Leasing Pakistan Limited (OLP) to 'AA+' while maintaining the short-term rating at 'A1+'. According to a PCRA's press release, these ratings, applicable to senior unsecured creditors of the company indicate a very low expectation of credit risk and a very strong capacity for timely payment of financial commitments.
OLP's first tranche of TFCs (PKR 742 millions), due for final redemption in April 2005, has been assigned a short-term rating of 'A1+' and the rating of second tranche of TFCs (PKR 758 mln) is maintained at AA+ (double A plus).
The ratings reflect OLP's demonstrated ability to sustain its performance and low-risk asset profile, while maintaining its leadership in the sector. The company continues to follow a policy of diversification and product innovation.
The ratings also recognise the outstanding professional management team, with a track record of successfully implementing well-designed business plans, the release said.