KARACHI, June 17: JCR-VIS credit rating company has assigned a preliminary instrument rating of single A minus to the proposed TFC issue of Rs250 million with a green shoe option of Rs50 million of Al-Zamin Leasing Modaraba. “The rating will be finalized after examination of all legal documents,” says a press release. “This TFC issue should help in significantly improving the resource mobilization ability of the modaraba sector as a whole and therefore solve major constraint on the performance of this sector.”

The medium- to long-term entity rating of Al-Zamin Leasing Modaraba has been upgraded to triple B plus from triple B while the short-term rating has been maintained at A three.

“These ratings are on Rating Watch in view of the proposed merger of First Professionals Modaraba with AZLM.”