LAHORE, Aug 2: The Pakistan Credit Rating Agency (Pacra) has upgraded long- and short-term ratings of the CresBank — Crescent Investment Bank Ltd — to triple B minus (BBB-) and A3 (A three) respectively.

These ratings are applicable to senior unsecured creditors of the bank and indicate that there is currently a low expectation of credit risk and an adequate capacity for honouring financial obligation. However, the capacity is susceptible to adverse economic changes.

Meanwhile, Pacra maintained both long- and short-term ratings of Al Baraka Islamic Bank (Pakistan Branch) at A (single A) and A1 (A one) respectively.

The agency has noted small but growing size of the bank, improved risk profile through injection of fresh equity and deployment of higher proportion of funds in comparatively low risk weighted assets.