July 12, 2023 (MLN): The VIS Credit Rating Company Limited (VIS) has harmonized the ratings of the Tier-2 Term Finance Certificate (TCF) of Summit Bank Limited (PSX: SMBL) at "B" from the previous rating of "D", latest press issued by VIS showed.
Outlook on the instrument rating has been placed on ‘Rating Watch-Negative’.
VIS has issued a new rating scale for hybrid Tier-1 and Tier-2 capital instruments issued by Banks under Basel III guidelines as implemented by SBP.
The rating scale captures the peculiar characteristics of the hybrid instruments in relation to their conversion/write-down features.
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Posted on:2023-07-12T15:09:04+05:00
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