February 19, 2002	Tuesday	Zilhaj 6, 1422

LAHORE, Feb 18: Pakistan Credit Rating Agency has maintained the long-term credit rating of “BBB” (triple B) and the short-term rating of “A3” (A three) of Network Leasing Corporation, said an announcement issued here on Monday.

The ratings are applicable to the senior unsecured creditors of the company. The rating for the company’s secured TFC issue of Rs100 million has also been maintained at BBB+ (triple B plus). The ratings denote a low expectation of credit risk and adequate capacity to service financial obligations on a timely basis.

While maintaining the rating, Pacra has taken cognizance of the company’s steadily growing earning assets, enhanced provision coverage for potential lease losses and expected positive impact of the planned injection of equity on the company’s coverages, said Pacra. The rating decision also factors in the impact of decline in operating performance arising mainly from the demand constraints in the company’s related yielding core sector of micro and small enterprises.