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There is an aggressive hunt for yield by issuance-starved investors in the Gulf
The duo were the first AT1s from the GCC since Emirates NBD's reopener in April
Books were more than double the deal's size at launch
The company is expanding outside Turkey, such as into Saudi Arabia
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Karachi, September 12, 2011: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has placed the outstanding Insurer Financial Strength ( IFS ) rating of National Insurance Company Limited (NICL) of 'AA+' (Double A Plus) under 'Rating Watch - Developing' status. This rating action has been taken in view of the delay in finalization of the audited financial statements for FY10 and receipt of necessary information. Since October 2010, the company has been operating without fulltime Chairman/CEO and Board of Directors.
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JCR-VIS assigns local currency ratings on a national scale. Local currency rating on a national scale assumes the national government to be least risky, which is therefore implicitly assigned a 'کAAA' rating. These ratings represent an entity's ability to meet its domestic obligations in the local currency.
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Bank of London and the Middle East (BLME) has recently made the first acquisition through its Light Industrial Building Fund. The five-year closed-ended, sterling-denominated fund was launched in May this year under BLME's Sharia umbrella Sicav-Sif structure. It invests in the UK commercial property market, focusing on the light industrial buildings sector and leasing to small and medium sized companies.