KARACHI: Upon submission of legal documents, JCR-VIS Credit Rating Company Limited has finalized the ratings of `A-(single A minus) assigned to the Privately Placed Term Finance Certificate (PPTFC) issue of NRSP Microfinance Bank Limited (NRSPB).
The outlook on the assigned rating is `stable'.
The previous rating action was announced on June 14, 2016, said press release here on Wednesday.
The rating assigned to the PPTFC takes into account the security structure of the instrument whereby partial cash coverage of up to Rs 300 million (equivalent to 10 % of the issue size) is available throughout the instrument tenor along with first pari passu charge of present and future current assets of the bank with a 25 % margin.
Rating also takes note of sufficient cushion available in the balance sheet to meet obligations other than depositors. The issue amount is Rupees three billion.
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