KARACHI, Jan 21: The JCR VIS Credit Rating Company has upgraded the medium to long-term entity ratings of Al-Zamin Leasing Modaraba (AZLM) from BBB+ (triple B plus) to A- (single A minus) with a stable outlook. The short-term rating has been maintained at A-2 (single A two).

The rating assigned to the first and second tranche of the listed Musharika term finance certificates has also been upgraded from A- (single A minus) to A (single A) with a stable outlook.

Meanwhile, the JCR VIS has put the case of Pakistan Steel on “rating watch” in the wake of its privatization.

The Privatization Commission has announced that the final bidding for the privatization of Pakistan Steel will be held on January 31, 2006.

The rating agency said that the status of “rating watch” would be resolved after the completion of the privatization process and subsequent evaluation by JCR VIS of the impact of this change on the risk profile of Pakistan Steel.