RATING THE ISSUE

November, 2021

Credit ratings provide an opinion on a company’s ability and willingness to meet its obligations on time. VIS Credit Rating Company Limited assigns credit ratings to both....

Structured Covered Bonds/Sukuk

June, 2021

“Covered bond” is a term that typically refers to a debt instrument that has dual recourse: first, to the issuer – which would typically be a financial institution...

SECURITIES BROKER FIDUCIARY

January, 2021

Securities Broker Firms (SB) play a critical intermediary role in the capital markets for individuals as well as institutional investors by facilitating the trading of listed securities and fixed...

Telecommunication

July, 2020

VIS Credit Rating Company Limited (VIS) assesses the credit quality of telecom operators including mobile operators by analyzing their business and financial risks. When scrutinizing business risks...

Lodging Industry

July, 2020

The fundamental goal of VIS’ credit analysis is to assess likelihood of the company being able to make timely payment against its obligations. Given that rating is prospective in nature, VIS integrates analysis...

Government Supported Entities

July, 2020

Understanding the influence of corporate relationships is integral to complete credit analysis. As business dynamics continuously reconfigure corporate ownership, its implications for the investor should be out lined...

Non-Bank Financial Companies

March, 2020

The scope of the methodology applies to leasing companies, Investment Banks, Modarabas, Asset Management & Investment Advisory Services, Housing Finance Services and Discounting Services which VIS will collectively...

Real Estate Investment Trusts (REITs)

October, 2019

Given support on the regulatory front, Real Estate Investment Trusts (REITs) is now accepted as a mainstream investment vehicle that enables investors to pool in their resources to take exposure in the real estate sector...

Micro-finance Banks

June, 2019

Micro-financing has been identified as a powerful means to poverty alleviation as it aims at empowering individuals through the generation of sustainable livelihoods. It caters to micro-entrepreneurs...

Asset Management Companies

June, 2019

Amanagement quality (MQ) rating from VIS provides a relative assessment of an asset management company’s (AMC) investment capabilities and the strength of its..

JCR-VIS Portfolio Return Assessment Factor

November, 2018

JCR-VIS Portfolio Return Assessment Factor (PRAF) is one of the components of our Asset Managers Management Quality Ratings (MQR). This paper provides details of the concept...

Explaining the stars

November, 2018

JCR-VIS’ introduction of “Star Rankings” in the Pakistan market in 2004 paved the way for meaningful analysis of performance of mutual funds The Star Rankings are based on ...

Life Takaful

February, 2018

The primary objective of ratings n the life insurance sector s to provide n independent assessment of the company ’s ability to pay promised benefits in addition to maintaining...

Corporate Governance Ratings

August, 2017

Corporate governance has been given increasing attention in Pakistan also, with both the SECP and the SBP showing keen interest in improving the quality of corporate governance...

Non-Profit Organizations

May, 2016

Non-profit organizations have created a strong presence for themselves on the global level, with names such as Greenpeace and Amnesty International enjoying the same recognition...

Principal Protection Score

January, 2014

The Principal Protection Score assigned to CPPI based funds is a measure of the fund’s exposure to downside risk, with P1 depicting lowest exposure to downside risk on a scale of...

Off-Shore Securitization

November, 2013

Securitization is a structured finance process whereby assets are transformed into securities – financial instruments that may be readily bought or sold. Securitization has evolved...

Public Finance Rating

October, 2009

Public finance – the collection, allocation and expenditure of public resources – is one of the defining functions of a state. A distinguishing feature of the developed world has been...

Unsolicited Report

June, 2003

An unsolicited rating is assigned to entities, where the management has not requested a rating, however, agrees to provide informational support An un so lic ited rat ing is shown...

Corporates

August, 2021

The criteria ‘Corporate Rating Methodology’ applies to a wide range of non-financial corporate issuer / entity ratings conducted by VIS Credit Rating Company Limited (VIS)...

SOCIO-ECONOMIC PERFORMANCE GRADING OF MFBIs

May, 2021

The concept of micro-financing is a growing phenomenon which aims at poverty alleviation and empowering individuals through the generation of sustainable livelihoods...

Fund Stability

December, 2020

Fund Stability Ratings (FSRs) measure the sensitivity of a fund’s Net Asset Value (NAV) and total return to changing market conditions, with particular emphasis on downside risk. FSRs are assigned to fixed income funds...

Broker Management Ratings

July, 2020

Stock Broker Firms play a critical intermediary role in capital markets for individuals and institutional investors for facilitating the trading of listed securities. The relative financial strength, depth of governance framework ...

Linkages Between Parent And Subsidiary Companies

July, 2020

With the passage of time, Pakistan has witnessed the emergence of large corporations and groups, which have altered the competitive landscape in the country. These entities often have diversified interests, which ...

Securities Firms

July, 2020

VIS Credit Rating Co. Ltd.’s (VIS) rating objective for a securities firm is to assess likelihood of the company being able to make timely payment against its obligations. A rating being prospective in nature, VIS integrates analysis...

Commercial Banks

June, 2020

VIS’s rating methodology for commercial banks is composed of three broad analytical frameworks. The assessment begins with system-wide external factors that may impact risk profile of commercial Banks...

General Insurance

November, 2019

An Insurer Financial Strength (IFS) rating is an assessment of an insurance company’s capacity to meet its contractual obligations that mainly constitute claims on insurance policies. However, timeliness of these payments is not commented ...

Oil & Gas Industry

June, 2019

The rating methodology for the oil and gas sector is similar in approach followed for rating industrial concerns. The prime concern is the level and stability of cash flows which provide coverage to debt servicing requirements ...

Takaful Companies

June, 2019

The development of Takaful is considered to be vital to the proliferation of Islamic modes of insurance, especially since it is regarded as a viable alternative to conventional insurance...

REIT Management Company

December, 2018

JCR-VIS Credit Rating Company Limited’s definition of Management Quality (MQ) Ratings consistently applies across various types of investments, including the category...

Bank Loan

November, 2018

Similar to instrument ratings by JCR-VIS, a Bank Loan Rating (BLR) indicates the degree of risk regarding timely payment of the interest and principal or commitments being rated...

MQR-Investment Advisors

August, 2018

Management Quality (MQ) Ratings by JCR-VIS Credit Rating Company Limited (JCR-VIS) provide an opinion on a company’s operational and investment platform...

Real Estate Developers

August, 2017

The construction industry plays a very impor tant role in the eco nomic development of any coun try. In fact, the performance of this industry is one of the key indica tors used...

SME Rating Methodology

June, 2017

JCR-VIS has developed the methodology for SMEs keeping in view the market demand for reliable independent credit opinions in the SME sector also...

Capital Protected Funds

August, 2015

Capital protected investment strategies guarantee the protection of invested capital at the end of a pre-specified time period, by way of the structure of the fund; the guarantee does no...

Global Project Finance Rating

November, 2013

Introduction Project finance is long term financing of economically standalone infrastructural & industrial projects. In recent years, project financing has become a popular mode...

Fiduciary Ratings

April, 2011

Under a technical collaboration agreement with Islamic Internal Rating Agency (IIRA), JCR-VIS, together with Malaysian Rating Corporation has developed and launched the ‘Fiduciary...

Securitization

November, 2003

Securitization is a type of structured finance transaction through which a corporation in need of funds transfers its specific asset or pool of assets, usually difficult to be liquidated...

Educational Institutions

June, 2002

Rating Methodology: Educational institutions fall into the service sector, and thus their rating is based upon their own peculiar parameters.along with the quantitative factors,qualitative...