VIS reaffirms DIP Pakistan ratings

KARACHI: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Dubai Islamic Bank Pakistan Limited at 'AA/A-1+' (Double A/A-One Plus), a statement said.

The rating assigned to the bank's Tier II Sukuk and Additional Tier-1 Sukuk has been reaffirmed at 'AA-" (Double A Minus) and A+ (Single A Plus) respectively. Outlook on the assigned ratings is 'Stable'. The previous entity rating action was announced on June 30, 2020.

“The assigned ratings incorporate a strong financial profile and track record of demonstrated support of the sponsor, Dubai Islamic Bank PJSC, UAE, the bank said in a statement. “Subsequent to its acquisition of Noor Bank, DIB has established itself as one of the two largest Islamic Banking Institutions in the world.”