Jun 24: VIS Credit Rating Company Limited has upgraded the management quality rating of Faysal Asset Management Limited to AM-Three Plus from AM-Three.

The rating signifies asset manager exhibiting good management characteristics. Outlook on the assigned rating has been revised from Rating Watch – Developing status to Positive.

The previous rating action was announced on March 19, 2018, said a press release on Monday.

The rating upgrade derives strength from the recent equity injection of Faysal Bank Limited in FAML. In November 2018, FBL acquired majority stake of 99.99% in FAML. As a result, all strategic plans and decision making emanate from a single dedicated sponsor.

Improvement in organisational structure and control framework along with inductions in management team have been observed; further changes in this regard will be monitored over time.

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