PACRA upgrades MCB Bank’s Long Term Credit Rating to AAA

KARACHI: The Pakistan Credit Rating Agency (PACRA) has upgraded MCB Bank’s Long Term Credit Rating from AA+ to AAA which defines the highest credit quality with lowest expectation of credit risk.

A statement here on Wednesday said that such rating is assigned only in case of exceptionally strong capacity for timely repayment of financial commitments and which is highly unlikely to be negatively affected by foreseeable events and reflects the top status on the PACRA rating mechanism.

It said that the short term rating of the Bank is maintained at A1+ which is already the highest allocated rating in the grid. A1+ denotes the ability of the Bank to meet its obligation supported by the highest capacity for timely repayment.

The statement further pointed out that this elevation is coherent with the well-defined organisational structure of the Bank, experienced Management, high standards of corporate governance, prudent risk management framework, improving asset quality, continuous investment in information technology, well established and well diversified branch network and strong absorption capacity.