The Pakistan Credit Rating Agency Limited (Pacra) in July 2005 placed the entity ratings of Pakistan Industrial Credit and Investment Corporation Limited (Long term: AA, Short-term A1+) on Rating Watch on account of the proposed merger with its subsidiary-Picic Commercial Bank limited.
While the earlier proposal has been overtaken by the new development regarding prospects of acquisition of Picic by the NIB Bank Limited, the Picic's ratings remain on Rating Watch. Pacra would continue monitoring all related developments, while the ratings would remain on the Rating Watch till the conclusion of the proposed transaction.-PR