LAHORE, Nov 22: The Pakistan Credit Rating Agency (Pacra) has assigned an “A” (single A) long-term and an “A1” (single A one) short-term entity rating to House Building Finance Corporation.

The ratings denote low expectation of credit risk emanating from the corporation’s strong capacity for timely payment of financial commitments.

While assigning the ratings, Pacra has recognized corporation’s high liquidity, low risk and large equity base. At the same time, the ratings also recognize inconsistent performance in the core financing operations and substantial proportion of overdue rentals.

However, with the recent change in top management and dynamism already demonstrated, the corporation is now geared to evolve into an efficient financial intermediary.