KARACHI, Nov 18: The Pakistan Credit Rating Agency (PACRA) has upgraded the long and short term credit ratings of First Women Bank Limited to "AA" (Double A) and "A1+" (A One Plus), respectively.

The ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments, says a press release.

The ratings upgrade is a consequence of confirmation of the public sector status of the bank and consequently, the applicability of Bank Nationalisation Act, 1974 (BNA) by Ministry of Finance. Resultantly the safety of deposits stands guaranteed by the Government of Pakistan. However, the ratings remain contingent upon the continuation of majority public sector shareholding in the bank. Meanwhile the standalone credit ratings of the bank remain unchanged.