Karachi: VIS Credit Rating Company Ltd. (VIS) has announced the withdrawal of the Broker Fiduciary Rating of BFR3+ for Intermarket Securities Limited (IMS) following its merger with EFG Hermes Pakistan Limited. The newly formed entity has been rebranded as Intermarket Securities, previously known as EFG Hermes Pakistan Limited. This marks the conclusion of a rating action initially disclosed on July 4, 2023.

According to VIS Credit Rating Company Limited, the decision to withdraw the rating arises from the structural changes resulting from the merger of IMS with EFG Hermes Pakistan Limited. The merger has led to the creation of a new entity, necessitating the withdrawal of the existing fiduciary rating. The merger and subsequent rebranding signify a significant transition for the company, prompting the reevaluation of its standing in the financial services sector.