LAHORE, Jan 2: The Pakistan Credit Rating Agency (Pacra) has upgraded asset management rating of Atlas Asset Management Limited (AAML) to “AM3+”, says a press announcement.

Pacra said on Monday that the rating reflected the company’s strong capacity to master the risks inherent in asset management and the asset manager meets high investment management industry standards and benchmarks.

The rating recognizes the improvement in the qualifications and prospective capabilities of AAML, Pacra said. “The intrinsic capacity has been strengthened by setting up some supporting systems in addition to already implemented policies and processes. Although the number of funds and assets under management has increased, the relative size and diversity still remain limited.”

ASKARI LEASING: Pacra also said it had maintained the long-term rating at “A+” (single A plus) and the short-term rating at “A1” (single A one) of Askari Leasing Limited (ALL).

It said the ratings denoted low expectation of credit risk and a strong capacity for timely payment of financial commitments.

“The ratings reflect the company’s maintained good asset quality and the ability to sustain performance from core operations despite an increasingly competitive operating environment. Although the company’s continued high gearing could constrain further growth, some measures are being considered to overcome this impediment,” Pacra added.