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Karachi, January 21, 2020 (PPI-OT): VIS Credit Rating Company Ltd. has finalized the rating of ‘AA’ (Double A) assigned to planned Tier 2 Sukuk issue of Meezan Bank Limited (“MBL” or the “Bank”). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on November 19, 2019.
MBL has issued second tranche of a regulatory compliant unsecured, subordinated privately placed Tier 2 Sukuk of Rs. 4.0b (Sukuk). The Sukuk is structured based on the principles of Mudarabah and will have a tenor of 10 years with bullet maturity and semi-annual profit payments. The Sukuk proceeds will contribute towards the Bank’s Tier-2 capital and will support the future growth plans of the Bank. The assigned rating incorporates MBL’s strong Islamic franchise, growing market share, sound financial profile and stable and experienced senior management team.
For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/