June 06, 2023 (MLN): The State Bank of Pakistan (SBP) has renewed the status of “VIS Credit Rating Company Limited (VIS)” and “The Pakistan Credit Rating Agency Limited (PACRA)” as eligible / recognized External Credit Assessment Institutions (ECAIs) till December 31, 2023, said a press statement issued by SBP on Tuesday.
Banks and DFIs using the standardized approach of the Basel framework are allowed to use credit ratings assigned by VIS and PACRA for CAR calculation purposes, it added.
VIS Credit Rating Company Limited (Formerly JCR-VIS Credit Rating Company) (VIS) is operating as a ‘Full Service’ rating agency providing independent rating services in Pakistan.
VIS is a joint venture between Vital Information Services (Pvt.) Limited (VIS) – Pakistan’s only independent financial research organization, Pakistan Stock Exchange Limited, and ISE Towers RIET Management Company Limited.
Being the first rating agency in Pakistan, PACRA carries the onus of leadership. Hence, innovation and evolution in processes and practices are defining attributes.
PACRA is in the business to evaluate the capacity and willingness of an obligor to honor its financial obligations. Its credit rating opinion reflects an independent, professional and impartial assessment of the credit risk associated with a particular debt instrument or an entity.
