VIS harmonizes Summit Bank TCF ratings to "B" from "D"

MG News | July 12, 2023 at 03:09 PM GMT+05:00

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July 12, 2023 (MLN): The VIS Credit Rating Company Limited (VIS) has harmonized the ratings of the Tier-2 Term Finance Certificate (TCF) of Summit Bank Limited (PSX: SMBL) at "B" from the previous rating of "D", latest press issued by VIS showed.

Outlook on the instrument rating has been placed on ‘Rating Watch-Negative’.

VIS has issued a new rating scale for hybrid Tier-1 and Tier-2 capital instruments issued by Banks under Basel III guidelines as implemented by SBP.

The rating scale captures the peculiar characteristics of the hybrid instruments in relation to their conversion/write-down features.

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