AKD Securities entity rating placed under RWN status

KARACHI: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the entity rating assigned to AKD Securities Limited (AKDSL) of 'A+/A-2' (Single A plus/A-Two), under rating watch-negative (RWN) status.

This has been done following the recent action taken by the Federal Investigation Agency (FIA) against the above company and its directors.

In light of the event mentioned above, the business franchise of the company may by affected. JCR-VIS is of the view that impact on the credit quality of the institution may occur given further developments in the ongoing investigation.

Ratings will remain dependent on the outcome of the same. The previous rating action was announced on October 9, 2015.