Karachi, November 10, 2022 (PPI-OT):VIS Credit Rating Company Limited has revised the rating of outstanding Tier 2 TFC of Silk Bank Limited to ‘B+’ (Single B Plus). This is done as the Bank ceased to make the coupon payments during the current year because of the lock in clause having been invoked by State Bank of Pakistan (SBP). Rating of ‘B+’ denotes that obligations are deemed less likely to be met. Protection factors are capable of fluctuating widely if changes occur in the economy. Overall quality may move up or down frequently within this category or into higher or lower rating grade. Outlook on the instrument rating has been placed on ‘Rating Watch-Negative’.

Last announced entity rating of ‘A-/A/2’ (Single A Minus/A-Two) as of October 12, 2020 remains on ‘Rating Watch-Negative’. Once a definite capital plan along with latest financials is made available, VIS will review the ratings.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/