November 06, 2018 (MLN): Pakistan Credit Rating Agency Limited (PACRA) has withdrawn the entity ratings of KASB Modaraba.
Previously, on June 29, 2018, PACRA had downgraded its entity ratings to ‘BBB’ for long-term and ‘A2’ for Short-term, with a negative outlook forecast.
According to the rating agency, the management of KASB Modaraba is not interested in continuation of the rating process. Therefore, PACRA has withdrawn Entity Ratings.
KASB Modaraba (KASBM) established in 1990, is a perpetual, multipurpose Modaraba with its head office situated in Karachi.
The Modaraba, listed on Pakistan Stock Exchange is primarily engaged in financing through Ijarah, Morabaha, Musharaka, Diminishing Musharaka and Modaraba. Modarba’s management company is KASB Invest (Private) Limited (KIPL).
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