Karachi, July 04, 2022 (PPI-OT):VIS Credit Rating Company Limited (VIS) has withdrawn the instrument rating of ‘AA-’ (Double A Minus) assigned to Bank Alfalah Limited’s (BAFL) Basel 3 Tier-1 debt instrument with immediate effect due to termination of ‘Application and Agreement’ dated October 16, 2017 between VIS and BAFL. The previous rating action was announced on June 30, 2021.

BAFL issued an Additional Tier-1 instrument in March’2018. Features of the instrument include the same being listed, perpetual, unsecured, subordinated, non-cumulative and contingent convertible debt instruments amounting Rs. 7.0b. The issue proceeds contribute towards the bank’s additional Tier-1 capital and was utilized towards enhancement of the bank’s business operations. As rating is being withdrawn prior to the maturity of the instrument, on specific request of BAFL, VIS bears no liability with regards to the performance of the instrument for its remaining life.

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/