May 8, 2003	Thursday	Rabi-ul-Awwal 5, 1424

LAHORE, May 7: The Pakistan Credit Rating Agency (Pacra) has maintained the long-term rating of Muslim Commercial Bank at “AA” (double A) and the short-term rating at “A1+” (A one plus).

A Pacra announcement on Wednesday said these ratings were applicable to senior unsecured creditors (depositors) of the bank. The unsecured subordinated TFC issue of Rs1.6 million has been assigned a rating of “AA-” (double A minus). These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments.

The ratings reflect the MCB’s strong franchise, improved risk absorption capacity, and sustained system share. Though revenues are increasingly under pressure, the bank, with enhanced focus on non-fund based avenues and consumer financing, leveraging on its strong technology platform and extensive outreach, is well positioned to sustain its competitive edge despite a difficult operating environment.