Press Release

JCR-VIS harmonizes the Rating Watch status of Crescent Commercial Bank’s Rating to Rating Watch - Positive
 

Karachi, December 22, 2006: In order to better explain to market participants the status of ratings placed on ‘Rating Watch’, JCR-VIS has appended a direction ‘Positive, Negative or Developing’ to all its Rating Watch indications. Crescent Commercial Bank Limited’s (CCBL) ratings of ‘BBB/ A-2’ had been placed on a ‘Rating Watch’ on April 13, 2006 due to the possibility of change in the bank’s shareholding subsequent to CCBL board’s decision to pursue an amalgamation process with another financial institution. Lately, the board of CCBL has approved an investment of Rs. 6 billion into the bank from Samba Financial Group (SAMBA) of Saudi Arabia. SAMBA will acquire approximately 68% of the shareholding in CCBL subject to the appropriate regulatory approvals and execution of a definitive agreement. Ratings continue to be on Rating Watch but have been harmonized to Rating Watch-Positive till the time the agreement is executed, following which ratings may be re-assessed and the impact of new developments be incorporated accordingly.

For further information on this rating announcement, please contact Mr. Safdar Kazi (Ext: 221) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.



Faheem Ahmad
President & CEO

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Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2006 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited