JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the entity rating assigned to AKD Securities Limited (AKDSL) of ‘A+/A-2’ (Single A plus/A-Two), under rating watch-negative (RWN) status.
This has been done following the recent action taken by the Federal Investigation Agency (FIA) against the company and its directors.
The company’s business may be affected as a result of the ratings change.
JCR-VIS is of the view that impact on the credit quality of the institution may be significant given further developments in the ongoing investigation.
Ratings will also remain dependent on the outcome of the investigation. The previous rating action was announced on October 9, 2015.
