KARACHI, Sept 6: JCR-VIS credit rating company has upgraded the entity rating of Pak-Gulf Leasing Company Ltd. (PGL) from triple B minus to triple B for medium to long term. The short term rating has been maintained at A-3.

The outlook on these ratings is “stable,” says a press release.

A positive outlook had been assigned to the ratings in March 2002 regarding fulfilment of minimum capital requirement. JCR-VIS has noted with satisfaction the successful issuance of right shares as the first phase of the plan.

“The ratings also recognize the company’s definite plan towards meeting the capital shortfall through another right issue by the end of this year. Further, the rating also incorporates the company’s prudent management of its lease portfolio.”