PACRA upgrades NITL rating

KARACHI: PACRA has upgraded asset manager rating of National Investment Trust Limited from AM2++ to AM1 after considering the company’s consistently better funds’ performance among peers, fund slate diversification, materialisation of digital initiatives and a strong equity base and financial profile, a statement said on Thursday.

In December 2020, VIS had already assigned AM1 rating to NITL, it added.

The rating also takes comfort from an experienced management team, structured investment decision making process, strong control environment and satisfactory governance framework.

PACRA said NITL remained profitable in the first half of the financial year 2021 and posted the highest profits in industry and had the largest equity base at the end of December 2020.

NITL Managing Director Adnan Afridi said: “This achievement shows our commitment to invest in best practices and technology to enable superior customer service while maintaining competitive risk-adjusted returns.”