KARACHI, June 13: The CR-VIS Credit Rating Company Limited has upgraded the medium- to long-term entity rating of Saudi Pak Commercial Bank (SPCBL) from ‘BBB+’ (Triple B Plus) to ‘A-’ (A Minus). Short-term rating has been maintained at ‘A-3’ (A-Three). Outlook on the assigned rating is ‘Stable’, says a press release.

The upgrade in the medium- to long-term rating reflects the change in ownership of the bank with a proposed equity injection of Rs4 billion through an 80 per cent right issue. In addition to meeting regulatory requirements, the proposed equity injection is also expected to significantly improve the risk profile of the bank.