Press Release

JCR-VIS reaffirms ratings of Zarai Taraqiati Bank Limited



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Karachi, July 12, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Zarai Taraqiati Bank Limited (ZTBL) at ‘B+/B’ (Single B Plus/Single B). JCR-VIS has also reaffirmed ratings of ‘AAA/A-1+’ (Triple A/A-One Plus) assigned to government guaranteed debt and deposits mobilized by the bank. Outlook on the assigned ratings is ‘Stable’.

Ownership stake in the bank is mainly held by Government of Pakistan (GoP) while residual shareholding is vested with Provincial Governments. The ‘AAA/A-1+’ ratings take into account the federal government guarantee on credit lines obtained from the State Bank of Pakistan (SBP) that form substantial portion of ZTBL’s funding. The bank has, so far, not made any principal or mark-up payments based on the fact that restructuring terms have not been finalized. Safety of deposits mobilized by the bank is also guaranteed under the Bank’s (Nationalization) Act, 1974.

Entity ratings of ‘B+/B’ assigned to ZTBL depicts its financial profile, excluding the impact of sovereign guarantee. ZTBL is engaged in the business of providing agricultural credit to farmers in rural areas and low income households of the country. Loan pricing is being adjusted upwards by taking into account the bank’s funding and operating cost to improve the bank’s earnings profile and achieve financial and operational sustainability. Delinquencies in the portfolio have increased during FY11, partly on account of flood related losses. Moreover, net NPLs as a percentage of tier-1 capital are considered on the higher side.

For further information on this rating announcement, please contact Ms. Sobia Maqbool at 021-358311861-70 or Mr. Maimoon Rasheed at 042-36610681-84.

Jamal Abbas Zaidi
Deputy CEO

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 not an NRSRO and its credit ratings are not NRSRO credit ratings.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 2012 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