LAHORE, Nov 18: Pakistan Credit Rating Agency (Pacra) has upgraded the long-term entity rating of Crescent Leasing Corporation Ltd to “A+” (single A plus) and maintained short-term entity rating at “A1” (single A one).

These ratings denote a low expectation of credit risk and strong capacity of the company to meet financial obligations in a timely manner. The entity ratings are applicable to senior unsecured creditors of the company. As a consequence of the entity rating upgrade, the rating of Secured TFCs (first tranche) amounting to Rs261.79 million has also been upgraded to “AA-” (double A minus).

Pacra has taken cognizance of the improving trend in performance emanating from growing asset base, maintained asset quality and improved risk absorption capacity.