Karachi, April 04, 2022 (PPI-OT):VIS Credit Rating Company Limited (VIS) has modified the Rating Scale for Insurer Financial Strength (IFS) rating to create a clear distinction in symbols and definitions of IFS Ratings. The IFS rating of The Co-operative Insurance Society of Pakistan of ‘BB’ (Double B) has accordingly been harmonized at ‘BB+(IFS)’ (Double B Plus IFS).

The revised scale may be found in the relevant methodology available on VIS’ website. The IFS rating of ‘BB+(IFS)’ denotes marginal capacity to meet policyholders and contract obligations. Though positive factors are present, risk factors are relatively high, and the impact of any adverse business and economic factors is expected to be significant. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on December 31, 2021.

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/