KARACHI, Dec 30: The JCR-VIS Credit Rating Company has upgraded rating of Saudi Pak Commercial Bank (SPCBL) from BBB/A-2 (Triple B/A-Two) to A/A-2 (single A/A-Two) with ‘stable’ outlook.

The rating agency has incorporated the impact of increased shareholding of Saudi Pak Industrial and Agricultural Investment Company (Pvt) (SAPICO) in SPCBL from 54 per cent to 70 per cent during the 9 months.

The same rating agency maintains medium- to long-term rating of the Punjab Provincial Co-operative Bank. The banks’ medium to long term ratings have been maintained at BB+ (double B plus). However, the short-term rating has been revised to B (Single B).

The agency reaffirmed the medium to long-term entity of A (Single A) and short term rating of A-2 (A-Two) for Indus Dyeing and Manufacturing Co. Ltd.

The outlook on the medium to long-term is ‘stable’, said the agency.

The JCR-VIS has reaffirmed the medium to long-term rating of BBB- (Triple B minus) with ‘stable’ outlook assigned to the ABS Certificates of Rs100 million issued by Development Securitization Trust (DST,) a Special Positive Vehicle (SPV), formed under the Asset Backed Securitization Rule 1999.

The certificates have been issued against the securitized future receivables pertaining to the construction of six towers of the Creek Vistas project being undertaken by Associated Construction Ltd (ACL). The company has a contract with Defence Housing Authority, Karachi (DHA).