Karachi: VIS Credit Rating Company Ltd. (VIS) has announced the withdrawal of the Broker Management Rating (BMR2+) previously assigned to Intermarket Securities Limited (IMS). This decision follows the merger of IMS with EFG Hermes Pakistan Limited, leading to the formation of a new entity named Intermarket Securities.

According to VIS Credit Rating Company Limited, the merger, which resulted in the renaming of EFG Hermes Pakistan Limited to Intermarket Securities, necessitated the withdrawal of the existing rating. The prior rating action regarding IMS was publicized on November 06, 2023.