KARACHI, Jan 24: JCR-VIS credit rating company has upgraded the medium to long-term rating of United Bank Ltd to single A with a positive outlook. It has also upgraded UBL’s short term rating to A-1 from A minus/A-2.

“The ratings acknowledge expected sponsor support following the acquisition of 51 per cent shareholding by the consortium of Abu Dhabi Group (UAE) and Bestway Holdings (UK) in September 2002,” says a press release.

“The bank has embarked upon a comprehensive strategy to strengthen operations with an increased focus towards improving customer services, through a combination of innovative products and technology based solutions, and redeeming the quality of loan portfolio through a rigorous recovery drive. JCR-VIS will closely monitor progress on this strategy.”

The release says the ratings also reflect the extensive market share enjoyed by the bank and its significance in the local financial sector. “Asset quality and profitability indicators of the bank have also improved over the last few years.”