CREDIT RATINGS

S.M. ABBAS ZAIDI, S.KAMAL HAYDER KAZMI,
Research Analyst
, PAGE

Oct 13 - 19, 2008

LONG - TERM RATING SCALES COMPARISON

MOODY'S

S&P

COMP

FITCH

DOMINION

R&I

JCR

MI

Aaa

AAA

AAA

AAA

AAA

AAA

AAA

AAA

Aa1

AA+

AA+

AA+

AAH

AA+

AA+

-

Aa2

AA

AA

AA

AA

AA

AA

AA

Aa3

AA-

AA-

AA-

AAL

AA-

AA-

-

A1

A+

A+

A+

AH

A+

A+

-

A2

A

A

A

A

A

A

A

A3

A-

A-

A-

AL

A-

A-

-

Baa

BBB+

BBB+

BBB+

BBBH

BBB+

BBB+

-

Baa2

BBB

BBB

BBB

BBB

BBB

BBB

BBB

Baa3

BBB-

BBB-

BBB-

BBBL

BBB-

BBB-

-

Ba1

BB+

BB+

BB+

BBH

BB+

BB+

-

Ba2

BB

BB

BB

BB

BB

BB

BB

Ba3

BB-

BB-

BB-

BBL

BB-

BB-

-

B1

B+

B+

B+

BH

B+

B+

-

B2

B

B

B

B

B

B

B

B3

B-

B-

B-

BL

B-

B-

-

Caa1

CCC+

CCC+

CCC+

CCCH

CCC+

-

-

Caa2

CCC

CCC

CCC

CCC

CCC

CCC

CCC

Caa3

CCC-

CCC-

CCC-

CCCL

CCC-

--

-

Ca

CC

CC

CC

CC

CC+

CC

CC

C

C

C

C

C

CC

C

-

-

D

DDD

D

D

CC-

D

DDD


SHORT - TERM RATING SCALES COMPARISON

MOODY'S

P - 1

P - 2

P - 3

S&P

A - 1 + A - 1

A - 2

A - 3

FITCH

F - 1 + F - 1

F - 2

F - 3

DOMINION

R - 1 (high) R - 1 (mid) R - 1 (low)

R - 2 (high) R - 2 (mid) R - 2 (low)

R - 3 (high) R - 3 (mid) R - 3 (low)

R&I

a - 1 + a - 1

a - 2

a - 3

JCR

J - 1 + J - 1

J - 2

J - 3

MI

M - 1

M - 2

M - 3

Various sources


RATING SCALE COMPANIES

MDY

Moody's Investors Service

SPC

Standard & Poor's

COMP

Bloomberg Composite

FII

Fitch

AMBC

A. M. Best

DBRS

Dominion Bond Rating Service

JRIE

Rating and Investment Information, Inc.

JCR

Japan Credit Rating Agency, Ltd.

MI

Mikuni's Credit Ratings

RAMB

Rating Agency Malaysia Berhad

MARC

Malaysian Rating Corporation Berhad

ICRA

ICRA Limited

CRIS

Credit Rating Information Services of India

CARE

Credit Analysis & Research Ltd.

PEF

Pefindo Credit Rating Indonesia Ltd.

TRC

Taiwan Ratings Corporation

TRIS

TRIS Rating

KIS

Korea Investors Service, Inc.

KR

Korea Ratings

NICE

National Information & Credit Evaluation

Various sources


EXTERNAL DEBT (US $ Bil.)

COUNTRY

2007

2008

Bahrain

30.07

31.94

China

376.90

416.90

United Arab Emirates

127.10

160.45

India

184.30

207.75

Kazakhstan

96.37

110.47

Azerbaijan

7.56

9.02

Indonesia

134.00

138.00

Turkey

251.77

269.66

Pakistan

38.45

43.34

Philippines

65.60

68.10

Sources: Moody's Investors


FOREIGN EXCHANGE RESERVES (US $ Bil.)

COUNTRY

2007

2008

Australia

24.24

31.35

France

43.59

48.95

Germany

40.77

41.07

United Kingdom

47.50

53.35

United States of America

45.80

46.75

Bahrain

4.11

5.03

China

1,528.25

1,901.11

Malaysia

101.34

118.00

Saudi Arabia

33.78

37.00

United Arab Emirates

75.60

95.65

Pakistan

14.04

8.32

Philippines

33.75

40.17

Sources: Moody's Investors


PAKISTAN'S FOREIGN EXCHANGE RESERVES (US $ Bil.)

YEARS

RESERVES

1998

0.84

1999

1.68

2000

1.39

2001

1.32

2002

4.82

2003

9.80

2004

10.95

2005

10.37

2006

11.34

2007

14.04

2008

8.32

Various Sources


KARACHI STOCK EXCHANGE DURING 2008

MONTH

DATE

MAR CAP IN BILLION

TURNOVER IN MILLION

Jan

1

4,204.52

322.487

31

4297.493

158.372

Feb

1

4,287.83

130.21

29

4,618.94

335.109

Mar

3

4,583.89

196.083

31

4,622.92

202.617

Apr

1

4,652.92

218.399

30

4,634.77

219.379

May

2

4,585.71

201.015

30

3,746.20

226.041

June

2

3,971.25

133.318

30

3,777.70

11.485

July

1

3,759.24

46.952

31

3,301.91

115.201

Aug

1

3,178.49

72.835

29

2,881.58

23.863

Sep

1

2882.36

23.619

30

2,847.34

0.985

Oct

6

2,846.28

1.56

Source KSE


EXCHANGE RATE OF PAKISTAN DURING 2008

COUNTRY

CURRENCY

EXCHANGE RATES (9-10-2008)

EXCHANGE RATES (02-01-2008)

CHANGE

USA

UD$

80.2

61.45

(18.75)

United Kingdom

Pound

137.8

121.93

(15.87)

Euro

Euro

109.3

89.88

(19.42)

Canada

C$

71

61.99

(9.01)

Switzerland

Swiss franc

70.5

54.28

(16.22)

Australia

Aus$

55.3

54.08

(1.22)

Sweden

Korona

11.22

9.52

(1.70)

Japan

Yen

0.78

0.5496

(0.24)

Norway

Krone

12.95

11.32

(1.63)

Singapore

Sing$

54.2

42.63

(11.57)

Denmark

Krone

14.52

12.05

(2.47)

Saudi Arabia

Riyal

20.87

16.38

(4.49)

Hong Kong

HK$

10.18

7.87

(2.31)

China

Yuan

11.72

8.42

(3.30)

Kuwait

Dinar

294.6

224.74

(69.86)

Malaysia

Ringgit

22.8

18.57

(4.23)

New Zealand

NZ$

48.8

47.31

(1.49)

Qatar

Riyal

21.85

16.88

(4.97)

UAE

Dirham

21.8

16.73

(5.07)

India

Rupee

1.73

1.61

(0.12)

Source: Forexpk