LAHORE, Feb 28: The Pakistan Credit Rating Agency has upgraded the long-term entity rating of ORIX Leasing Pakistan Ltd to “AA” (double A) while maintaining the short-term rating at “A1+” (single A One plus).

The entity ratings are applicable to the senior unsecured creditors of the company, says an announcement by Pacra on Friday.

The ratings of the secured TFCs (first tranche of Rs742 million and second tranche of Rs758 million) have been upgraded to “AA+” (double A plus). The ratings indicate a low expectation of credit risk and a very strong capacity for timely payment of financial commitments, according to Pacra.