JCR-VIS places ratings of ‘First Habib Bank Modaraba’ under ‘Rating Watch – Developing’ status

Karachi, February 19, 2014 (PPI-OT): JCR-VIS Credit Rating Company Limited has placed the entity ratings of First Habib Bank Modaraba (FHBM) of ‘AA-/ A-1+’ (Double A Minus/ A-One Plus) under ‘Rating Watch – Developing’ status.

The rating action has been taken in view of the announcement by the Board of Directors of Habib Bank Financial Services (Pvt) Limited (HBFSL), managers of FHBM, for voluntary winding up of FHBM. At end-Sep’2013, FHBM had an asset and equity base of Rs. 898 million and Rs. 675 million, respectively. The modaraba posted net profit of Rs. 63 million in FY13 and Rs. 16 million in 1QFY14.

For further information on this rating announcement, please contact the undersigned (Ext: 408) or Ms. Sobia Maqbool, CFA (Ext: 604) at 021-35311861 – 70 or fax to 021-35311873.

For more information, contact:
Ms. Sobia Maqbool
CFA
JCR-VIS Credit Rating Company Limited
Tel: at 021-35311861-70
Fax: +9221 35311872-3