The Pakistan Credit Rating Agency (PACRA) has upgraded the MCB Bank’s long term credit rating from AA+ to AAA, said a statement issued Wednesday. The up-gradation, it said, defined the highest credit quality with lowest expectation of credit risk. Such rating is assigned only in case of exceptionally strong capacity for timely repayment of financial commitments and which is highly unlikely to be negatively affected by foreseeable events and reflects the top status on the PACRA rating mechanism. The short term rating of the Bank is maintained at A1+ which is already the highest allocated rating in the grid. A1+ denotes the ability of the Bank to meet its obligation supported by the highest capacity for timely repayment. This elevation is coherent with the well-defined organizational structure of the Bank, experienced Management, high standards of corporate governance, prudent risk management framework, improving asset quality, continuous investment in information technology, well established and well diversified branch network and strong absorption capacity. MCB Bank is one of the leading financial institutions of Pakistan with history of robust profitability ratios, highest capital adequacy, lowest cost of deposits and lowest infection ratios. A comprehensive insight into our various groups setup and detailed assessment of relevant leadership in each area has been central to this upgrade. Given the current country rating, economic position and the weak monetary and fiscal governance, such an acknowledgement of performance of MCB Bank Limited is indeed a milestone.
