KARACHI, Aug 8: JCR-VIS Credit Rating Company has upgraded medium to long-term rating of Faysal Bank Ltd. to double A minus from A plus, says a press release.

Short-term ratings have been maintained at A-1. The outlook on these ratings is stable.

“Our previous ratings reflected the anticipated increase in capital base of FBL in view of the planned merger with Al-Faysal Investment Bank Ltd.”

“JCR-VIS notes with satisfaction the successful finalization of the merger. The merged entity enjoys the largest paid-up capital among local private banks, strong core earnings and high operative efficiencies.”

“The ratings also reflect present support from Dar Al Maal Al Islami Trust. The ratings also incorporate the effect of the planned repatriation of group deposits.”

“JCR-VIS will monitor the bank’s progress towards resource mobilization and efforts underway to reduce the level of non- performance in th bank’s assets.”