JCR-VIS reaffirms ASA Pakistan ratings

KARACHI: JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of ASA Pakistan Limited at triple B Plus /A-Three, a statement said on Friday.

Outlook on the assigned ratings is stable.

The previous rating action was announced on June 23, 2017, it added.

Incorporated in 2008, ASA Pakistan operates as a microfinance company and is a wholly-owned subsidiary of ASA International Holding (ASAI).

The assigned ratings incorporate the sound sponsor support received by ASA Pakistan in the form of both technical and financial assistance, it said.

ASA Pakistan has implemented the core lending methodology deployed at various institutions of the group.

Ratings incorporate continued technical and financial support from the sponsors, the statement said.

The company has applied for a microfinance bank licence and the approval is awaited from the regulator.

As per the management, the company has complied with all the requirements specified by the regulator in this regard.

At present, overall governance infrastructure is considered adequate with the presence of seasoned professionals on board and experienced senior management team.