LAHORE, Aug 16: The Pakistan Credit Rating Agency (Pacra) has upgraded the long-term rating of the First Women Bank Limited (FWBL) to “BBB+” (triple B plus), maintaining its short-term rating at “A2” (A two).

A Pacra announcement said on Friday the ratings denoted a low expectation of credit risk and an adequate capacity for timely payment of financial commitments.

The ratings, according to the announcement, reflected successful turnaround of the bank in 2001 and 2002 both in terms of performance and risk absorption capacity in spite of low quality base with paid-up capital limited to Rs200 million. The ratings factor in the high liquidity available with the bank to meet its short-term obligations.