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JCR-VIS revises rating of TFC-1 issue of Escorts Investment Bank Limited

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by September 21, 2011 Financial Services

Karachi: JCR-VIS Credit Rating Company Limited (JCR-VIS) has revised the rating assigned to TFC-1 issue of Rs. 500 million of Escorts Investment Bank Limited (EIBL) to ‘BB’ (Double B). The rating is placed under ‘Rating Watch – Developing’ status

The financial risk profile of the issuer is stressed. With the grace period on the most recent payment due against the TFC issue yet to lapse, JCR-VIS has been given to understand by the management of EIBL that restructuring of the outstanding amount is under consideration. Another option under consideration by the issuer is arrangement of loan from sponsors to meet the obligation.

For more information, contact:
Mr. Javed Callea
Advisor
JCR-VIS Credit Rating Company Limited
Tel: +9221 35311861 (10 lines) (Ext: 501)
Fax: +9221 35311872-3
E mail: javed.callea@jcrvis.com.pk

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