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Karachi, January 09, 2020 (PPI-OT): VIS Credit Rating Company Ltd. (VIS) has reaffirmed the Broker Management Rating of Integrated Equities Limited (IEL) at ‘BMR3++’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on December 7, 2018.
The rating signifies strong compliance and risk management, sound internal control framework, client relationship and HR and IT services while regulatory compliance levels, external controls and financial management are adequate.
Assigned rating to IEL factors in the improvement in compliance and risk management function. However, the same may be segregated from risk management for clarity and control purposes. On regulatory front, inclusion of independent director on board and constitution of board level risk management committee would strengthen board level governance. Rating takes note of adequate external controls and finance performance. Profitability in 2019 has remained at around prior year while overall financial assessment draws support from low leveraged capital structure. Going forward, enhanced focus on diversifying income streams may address the business volatility risk.
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/