March 12, 2003	Wednesday	Muharram 8, 1424

LAHORE, March 11: Pakistan Credit Rating Agency (Pacra) has upgraded the long-term entity rating of Dawood Leasing Company Limited (DLC) to “A+” (single A plus) and maintained the short-term rating at “A1” (A one).

A Pacra announcement said on Tuesday that these ratings are applicable to the senior unsecured creditors and denote a low expectation of credit risk.

The ratings of two tranches of secured TFC of Rs253 million and Rs345 million have also been upgraded to “AA-” (double A minus). The ratings denote a very low expectation of credit risk with very strong capacity for timely payment of financial commitments.

DLC’s ratings reflect its increasing risk absorption capacity, augmented particularly by substantial unrecognized appreciation on certain investments made subsequent to FY02 and also the reversal of the declining trend in core earnings. The ratings also recognize management’s successful diversification strategy through acquisitions, dynamic but low-risk fund management policies, and the company’s affiliation with an established business group.