PACRA INSIGHT A Medium to communicate with the Users of Ratings

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Presentation transcript:

PACRA INSIGHT A Medium to communicate with the Users of Ratings ISSUE III; February 2014 Wednesday, February 12, 2014 Humaira Jamil

Communicating……. The Insight behind PACRA INSIGHT PACRA’s Rating Universe (Product-by-product) – Key Developments & Trends Pakistan’s Rating Universe – Snapshot Industry View – General Insurance, Microfinance, Power, Refining, Textiles, AMCs, cement

The Insight behind PACRA INSIGHT Consolidating Information Promoting Transparency There is nothing so terrible as ACTIVITY without INSIGHT Johann Wolfgang Von Goethe

PACRA’s Rating Universe – Key Developments & Trends

PACRA’s Rating Universe – Entities

PACRA’s Rating Universe – Entities

PACRA’s Rating Universe – Outlook Analysis Ratings Outlook Analysis Positive Negative Opening @ July 1, 2013 9 6 Translated in Rating Change (-) 1 3 Translated in Outlook Change (-) 2 Maintained (+) 5 Ratings Not Reviewed (+) Withdrawn (-) During 1HFY14: New (+) 4 Opening @ Jan 01, 2014

PACRA’s Rating Universe – Instruments

PACRA’s Rating Universe – Instruments PACRA INSTRUMENT RATING UNIVERSE (Entry / Exit) (For calendar year ended Dec 31, 2013) [Initial ratings] Issuers / Instruments Initial Instrument Ratings 1. NIB Bank | TFC II: Upto PKR 5,000mln (including a green shoe option of PKR 1,000mln) TFC TBI1 A+ 2. PAIR Investment Company | CP: PKR 500mln CP TBI AA 3. Bank Alfalah | TFC V: PKR 500mln TFC V issued Feb13 AA- 4. The Pakistan Water & Power Development Authority | PPTFC2: PKR 9,327mln TFC issued Sept13 AAA 5. Pakistan Refinery Limited | TFC I: PKR 500mln issued Aug13 A 6. Pakistan Refinery Limited | TFC II: PKR 500mln issued Aug13 7. Maple Leaf Cement Factory Limited | Restructured Sukuk: PKR 8bln Sukuk restructured Sept12 BB+ [Withdrawn3 ratings] Issuers / Instruments Last Instrument Ratings Engro Fertilizers | Sukuk II: PKR 1,500mln TBI 1TBI: To be issued 2CY13 had 15 Instrument Redemptions

PACRA’s Rating Universe – Asset Management Ratings

Credit Risk – Rise & Fall A Rise in Credit Risk Entities Ratings New (Action date) Previous Notches Shaheen Insurance Company BBB- (01Aug13) A- 3 National Refinery AA+ (23Oct13) AAA 1

Pakistan’s Rating Universe - Snapshot

Pakistan’s Rating Universe – Classes of Ratings

Thank You ! UPCOMING: ISSUE IV; August 2014