Karachi Credit Rating Agency VIS Announces Maturity of UMBL's Tier-II Debt Instrument

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Business

Karachi Credit Rating Agency VIS Announces Maturity of UMBL’s Tier-II Debt Instrument

July 11, 2024

Karachi: VIS Credit Rating Company Limited (VIS) has officially announced the maturity of the TFC-I, a Basel 3 Compliant Tier-II debt instrument issued by U Microfinance Bank Limited (UMBL), valued at Rs. 600.0 million. The financial instrument, which was issued on June 30, 2017, reached its maturity on June 30, 2024, with the bank making its final payment two days prior.

According to VIS Credit Rating Company Limited, the successful completion of this financial instrument highlights UMBL's adherence to scheduled financial obligations and marks a significant milestone in the bank's financial management. The final payment, completed on June 28, 2024, was preceded by a rating action on June 10, 2024, affirming the bank’s creditworthiness up to the maturity of the debt.