LAHORE, March 26: Pakistan Credit Rating Agency (Pacra) has assigned long-term entity rating of “AA-” (double A minus) and short-term rating of “A1+” (single A one plus) to the First Habib Modaraba (FHM).

A Pacra announcement said on Wednesday that “A1+” was the highest level in Pacra’s scale for short-term ratings.

It said the ratings assigned to the modaraba indicated a low expectation of credit risk and very strong capacity for timely payment of financial commitments.

The FHM had an infection-free lease portfolio that demonstrated good credit evaluation and effective post-disbursement monitoring systems, the announcement said and added the company had maintained its steady growth momentum.