KARACHI, April 10: The JCR-VIS credit rating company says that credit ratings of triple B/A-three of the International Housing Finance Ltd (IHFL) continue to remain on Rating Watch due to expected change in the company’s ownership.

The Crescent Investment Bank Ltd is divesting its majority shareholding in the IHFL to the Crescent Leasing Corporation Ltd (CLCL) — also an associated company. After this move the shareholding of the CLCL will increase to 47.5 per cent in the IHFL.

Approvals from the board of directors of the respective institutions have been obtained for this purpose, the JCR-VIS says in a press release.

The JCR-VIS is in the process of assessing the impact of this move on the ratings of the IHFL.

It says the rating of single A assigned to the IHFL’s proposed bank finance of Rs150 million is being withdrawn in light of the change in the company’s future plans.