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Pakistan Credit Rating Agency places Ratings of First Fidelity Leasing Modaraba on Rating Watch

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by April 5, 2013 General

Lahore, April 05, 2013 (PPI-OT): In a recent development, the sponsors of Fidelity Capital Management (Private) Limited (FCML) have decided to sell their holding in FCML along with the rights to manage First Fidelity Leasing Modaraba (FFLM) to a new set of sponsors.

The transaction is subject to necessary legal and regulatory approvals. This is expected to finalize within current financial year. Consequently, the ratings of FFLM [Long Term: BBB+; Short Term: A2] are placed on “Rating Watch”.

The ratings of the Modaraba would be updated after reviewing the impact of change in ownership and subsequent strategy. In case, the transaction does not materialize, the rating watch would be removed, as and when the process is called off.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com

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