VIS reaffirms entity ratings of Faysal Bank Limited

By MG News | June 27, 2019 at 03:58 PM GMT+05:00

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June 27, 2019 (MLN): VIS Credit Rating Company Limited has reaffirmed the entity ratings of Faysal Bank Limited (FBL) at ‘AA/A-1+’. Outlook on the assigned ratings is ‘Stable’.

Long-term rating of ‘AA’ indicates high credit quality; protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short term rating of ‘A-1+’ indicates highest certainty of timely payments; short term liquidity, including internal operating factors and/or access to alternative source of funds, is outstanding and safety is just below risk free Government of Pakistan’s short term obligations, said a press release on Thursday.

The assigned ratings incorporate sound capitalization, profitability and asset quality indicators as well as mid-tier position of FBL within the industry. Liquidity profile of the bank remains satisfactory; however, further room for improvement in liquidity buffer and depositor concentration exists. Transformation of the bank from a Conventional bank offering Islamic banking services to a full-fledged Islamic bank remains in place through adoption of asset led conversion model.

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