JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the medium to long term entity rating of Allied Bank Limited (ABL) to AA- (Double A minus). According to the rating agency, short term rating has been maintained at A-1+ (A-One Plus), which denotes the highest certainty of timely payment.
JCR-VIS has also upgraded rating of the first issue of subordinated, unsecured and listed term finance certificates of ABL to A+ (Single A Plus). Outlook on the ratings is stable.
The ABL is in the process of issuing its second TFC issue of Rs 2.5 billion. JCR-VIS has assigned a preliminary rating of A+ (Single A Plus) to the proposed listed, unsecured and subordinated TFC-2 issue of ABL.