Aug 13 - 19, 2001

RATING OF MUSLIM COMMERCIAL BANK (PAKISTAN) TO POSITIVE FROM STABLE

Limassol, <Rating Date Pending>-Moody's announced that it has changed the outlook on Muslim Commercial Bank's (MCB) E+ Financial Strength Rating (FSR) to positive from stable, to reflect improved asset quality and profitability prospects. This action does not affect MCB's Ca\NP foreign currency deposit rating, which retains its negative outlook.

Moody's stated that the volume of MCB's non-performing loans (NPLs) appears to have peaked in 2000 after a sharp rise in 1999. NPLs are expected to start reducing over the short-to-medium term and along with stronger provisions this should relieve pressure on MCB's solvency.

Moody's added that strong growth in lending and in low cost deposits should continue to drive profit growth in 2001, as it has done in 2000. This will result in improved provisioning capacity and better internal capital growth. MCB's policy of distributing bonus shares and reducing dividend payout has served to bolster capital ratios in 2000.

The rating agency attributes MCB's strong deposit growth to its technological advance vis-a-vis its state owned peers, which allows the bank to offer better service to retail customers. This technological advance should also give MCB a lead in the nascent retail lending sector, which is expected to become a major source of business growth over the medium term.

Moody's concluded that a positive rating change would only follow further signs of improving profitability, asset quality and capitalisation, and the resolution of the bank's tax issues with the government. Although Pakistan's macroeconomic weakness is a constraint on banks' FSRs, it will not preclude well-run banks from obtaining FSRs in the D range.

PACRA UPGRADES CRESLEASE ENTITY RATING

Pakistan credit rating agency (private) limited has upgraded the long-term entity rating to "A" (Single A) and short term rating to "A1" (A one).

These rating denote a low expectation of credit risk and strong capacity for timely payment of financial commitments.

The rating upgrade recognizes the company's improved performance, asset quality, steady growth and prudent risk management policies.

"Kodak Photo Time" an exciting programme on Ptv

Kodak has always pioneered innovative programmes for promotion of the art of photography among masses. Now once again Kodak presents an exciting an educative programme "Kodak Photo Time" on Ptv network. Ptv has collaborated with Kodak to telecast the 15-minute programme every Sunday morning at 10:05 am. Starting on 12th August, 2001.

The internationally reputed professional photographer Mr. Samiur Rehman will conduct the interesting programme in a very simple manner for the benefit of amateur and professional photographers. He will highlight finer points of the art, technique and aesthetics of photography.

Ptv viewers will be able to learn photography free of cost in their homes. Viewers can also participate with their photographic work, which will be projected on television Participants can win attractive prizes of Kodak products including cameras and films.