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
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.