LAHORE, June 26: The Pakistan Credit Rating Agency (Pacra) has upgraded the long-term entity rating of First Women Bank Limited (FWBL) to “A-” from “BBB+”, while maintaining the short-term entity rating at “A2”.

These ratings denote a low expectation of credit risk while the capacity for timely payment of financial commitments is considered strong, a press release said. The ratings reflect recent change in the ownership structure of the bank wherein the Government of Pakistan (GoP) has become major shareholder (60pc).