KARACHI, June 5: The JCR-VIS Credit Rating Co Ltd. has improved the medium- to long-term rating of Crescent Commercial Bank Limited (CCBL) to ‘A’ from ‘BBB’ and a short-term rating of ‘A-1’.

The rating agency in a press release issued here on Tuesday elaborating the factors behind this upgradation stated that in March this year, Saudi SAMBA Financial Group had acquired a 68pc shareholding in the CCBL with the issuance of 600 million new shares at par. A cash injection of Rs6 billion has rendered the CCBL well capitalised for the foreseeable future and has allowed it ample room for growth.

With a considerable increase in resources now available to the bank, earnings were likely to improve significantly in the ensuing quarters.

In a separate press release on Tuesday the rating agency upgraded the medium- to long-term entity rating of B.R.R Guardian Modaraba (formerly BRR International Modaraba) from ‘A-’ to ‘A’ and maintained the short-term rating at A-2 following the successful completion of the merger with Guardian Modaraba.

The ratings were previously on ‘Rating Watch- Positive’ status pending the finalisation of the merger. The outlook on the medium to long-term rating was now ‘stable’.—APP