JCR-VIS assigns final rating to Privately Placed Term Finance Certificate issue of NRSP Microfinance Bank Limited
Karachi, September 22, 2016 (PPI-OT):Upon submission of legal documentation, JCR-VIS Credit Rating Company Limited has finalized the ratings of ‘A-’ (Single A Minus) assigned to the Privately Placed Term Finance Certificate (PPTFC) issue of NRSP Microfinance Bank Limited (NRSPB). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on June 14, 2016.
The rating assigned to the PPTFC takes into account the security structure of the instrument whereby partial cash coverage of upto Rs. 300m (equivalent to 10% of the issue size) is available throughout the instrument tenor along with first pari passu charge on present and future current assets of the bank with a 25% margin. Rating also takes note of sufficient cushion available in the balance sheet to meet obligations other than depositors. The issue amount is Rs. 3b inclusive of a green shoe option of Rs. 1b with principal repayment in eight equal quarterly instalments over the period of two years beginning from the third month of the issue date.
For more information, contact:
Ms. Sobia Maqbool
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi