Karachi -- January 21, 2020 (PPI-OT)
Following is the text of press release issued by VIS Credit Rating Company Limited
VIS Credit Rating Company Ltd. has finalized the rating of 'AA' (Double A) assigned to planned Tier 2 Sukuk issue of Meezan Bank Limited ("MBL" or the "Bank"). Outlook on the assigned rating is 'Stable'. The previous rating action was announced on November 19, 2019.
MBL has issued second tranche of a regulatory compliant unsecured, subordinated privately placed Tier 2 Sukuk of Rs. 4.0b (Sukuk). The Sukuk is structured based on the principles of Mudarabah and will have a tenor of 10 years with bullet maturity and semi-annual profit payments. The Sukuk proceeds will contribute towards the Bank's Tier-2 capital and will support the future...