State Bank of Pakistan (SBP) on Thursday announced that it has renewed the status of both credit rating agencies operating in Pakistan.

The agencies namely “VIS Credit Rating Company Limited (VIS)” and “The Pakistan Credit Rating Agency Limited (PACRA)” have their status renewed as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2020.

Banks and DFIs using the standardized approach of Basel framework are allowed to use credit ratings assigned by VIS and PACRA for CAR calculation purposes.