KARACHI: VIS Credit Rating Company (VIS) in collaboration with Pakistan Stock Exchange Limited (PSX) and Pak China Investment Company Limited (PCIC) organised an event at a local hotel to celebrate collaboration between VIS and China Chengxin International Credit Rating Company Limited (CCXI).
The theme of the event was to facilitate cross border investments into Pakistan and promote informed investment decision-making along Chine-Pakistan Economic Corridor (CPEC) and Belt and Road.
Dr Ishrat Hussain, advisor to the Prime Minister, was the chief guest at the event. It was attended by leading professionals and business personalities from the financial and industrial sectors of the country.
PSX Managing Director Richard Morin said, “Pakistan Stock Exchange, being one of the stakeholders in VIS, is proud to have this collaboration between VIS and China Chengxin International Credit Rating Company Limited.” He said rating agencies have a very important role to play in that they grade companies and organisations for analysts, investors, customers and other stakeholders, and this grading serves as a benchmark for these companies’ performance going forward. Three prominent players from the financial and industrial sectors of Pakistan, Habib Bank Limited, Jubilee General Insurance Limited, and International Industries Limited, who have already conducted ISG-ES assessment, shared their experience and discussed benefits of such a pioneering product.
CCXI is the largest rating agency in China with over 20,000 ratings outstanding currently and a work force of over 900 analysts based in China.
During the event, VIS and CCXI launched their jointly developed methodology, “Investment Strength, Governance, Environment & Social (ISG-ES) Grading”. ISG-ES was a pioneering grading methodology jointly developed by the two credit rating agencies, VIS and CCXI, keeping in mind the information required by foreign investors, while making long-term investment decisions. The product was meant to grade organisations based on long-term investment ability criterion with emphasis on overall investment financial strength, corporate governance standards established within the organisation, as well as a flavour of social responsibility and environmental accountability in processes and systems.
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