Resource Center

Rating Reflections  (Oct 2009)

The parallel drawn between the recent performance of global credit rating companies and local rating agencies is as misplaced as it is common. In light of the above, JCR-VIS Credit Rating Co Ltd. has carried out a study to see how the ratings of the companies operating in Pakistan fared after June 2008 and has issued its first issue of ‘Rating Reflections’ in this regard, which is attached for information of the general public. More...

Public Finance Rating Methodology  (Oct 2009)

Public finance – the collection, allocation and expenditure of public resources – is one of the defining functions of a state. A distinguishing feature of the developed world has been the extensive use of municipal bonds (and notes) to provide capital for not only infrastructure projects but also to promote sustainable development over the long term. More...

Capital Protected Funds Rating Methodology  (Oct 2009)

Since the establishment of the mutual fund industry, asset management companies have seen considerable development, including increasing investor awareness, bringing about enhancement in products, offering diversified investment options. One such product that has been on the offer is Capital Protected Funds (CPFs). More...

Life Insurance & Family Takaful Rating Methodology   (Jan 2009)

JCR-VIS has been assigning Insurer Financial Strength Ratings to insurance companies since 1999 and rated its first life insurance company in 2006. The objective of ratings in the life insurance sector is to provide an independent judgment of the company’s ability to pay promised benefits in addition to maintaining its competitive position More...

General Takaful Rating Methodology   (Jan 2009)

The development of Takaful is considered to be vital to the proliferation of Islamic modes of finance, especially since it is now regarded as a viable alternative to conventional insurance. Takaful, as we know it today, dates back to 1979 when the first such company was set up in Sudan. More...

Default on Obligations by Crescent Standard Investment Bank Ltd. - Comment  (Jul 2007)

JCR-VIS Credit Rating Co. Ltd. had been rating Crescent Standard Investment Bank Limited till April 2006, when the assigned ratings were suspended due to the fact that in view of disclosures of concealment of material transactions, assets and liabilities in the books of account we reached the conclusion that sufficient reliable information was not available to us to be able to reach an opinion on the rating. More...

MUTUAL FUNDS – Rating Methodology   (Dec 2006)

Mutual funds are an effective tool for mobilizing resources from a large pool of investors and providing them wider access to capital markets,which might otherwise be difficult to achieve........ More...

Mutual Funds   (Dec 2005)

Under a recent directive of the Securities & Exchange Commission of Pakistan (SECP), ratings have been made mandatory for all non banking finance companies (NBFCs) undertaking the business of Investment Advisory and Asset Management Services and the funds under management. In view of this....... More...

NON-BANK FINANCIAL COMPANIES   (Mar 2005)

Over the last many years, the non-bank financial sector has carved out a place for itself in Pakistan's financial market, even though a large portion of financial assets continue to be managed by commercial banks....... More...

Corporate Governance Survey  (Mar 2005)

JCR-VIS had launched its methodology for corporate governance ratings in June 2002 and subsequently announced our first such rating in January 2003. At the time we were among the first few rating agencies in the world to have developed the capability to offer such a service....... More...

Modern telecommunication systems are rapidly becoming one of the basic needs of economic development. Once seen as a luxury, telecommunication is an integral part of...... More...

The rating methodology for the oil and gas sector is similar in approach followed for rating industrial concerns outlined in our publication 'Industrial Corporates' Though demand for fuel is largely inelastic, it is affected by the level of the economic activity in the country and....More...

The fundamental goal of JCR-VIS credit analysis is to determine the probability of timely repayment of any debt. The obvious focus is on the sufficiency of current cash reserves and future cashflows to meet obligations. ....More...

Non-profit organizations (NPOs) have created a strong presence for themselves on the global level, with names such as...... More...

Securitization is a type of structured finance transaction through which a corporation in need of funds transfers its specific asset or pool of assets, usually difficult to be liquidated,...... More...

The dependability and resilience of a country's insurance providers is vital to ensuring the health of its financial sector and enabling steady economic growth...... More...

Microfinancing has been identified as a powerful means to poverty alleviation as it aims at empowering individuals through the generation of sustainable livelihoods..... More...

Credit ratings inculcate transparency and invite investor confidence.Ratings are a third party ..... More...

JCR-VIS Credit Rating Co. Ltd.'s (JCR-VIS) rating objective for a securities firm is to assess likelihood of the company not being able to make timely payment of its obligations.....More...

The construction industry plays a very important role in the economic development of any country. In fact, the....More...

An unsolicited rating is assigned to entities, where the management has not requested a rating, however, agrees to provide informational support....More...

JCR-VIS is of the opinion that the ratings of preference shares are important for highlighting the different risks associated with preference shares.....More...

Karachi, October 31, 2002; Pakistan received a singular honour when at the first shareholders meeting of Islamic International Rating Agency (IIRA) held at Bahrain on October 29, 2002, JCR-VIS Credit Rating Company Limited was elected to the Board of Directors....More...

The modaraba sector is the largest sector in Pakistan's financial market in terms of number of entities, with 45 modarabas listed on the Karachi Stock Exchange as against 15 commercial banks, 29 leasing companies and 16 investment banks.....More...

Different corporate structures give rise to diverse support mechanisms, and the degree of credit enhancement implied by any support agreement varies accordingly. Where support agreements are entirely enforceable....More...

Rating Methodology: ...Till very recently the area of corporate governance was considered the sole jurisdiction of the BoD and the management of the organization...More...

Rating Methodology: Educational institutions fall into the service sector, and thus their rating is based upon their own peculiar parameters....More...

...In this publication, we intend to highlight the pillars that support our rating assessment of leasing companies. These companies rely on institutional borrowings, Certificates of Investment and the debt market as their primary sources of funding...More...

Rating Methodology: Bank Finance Ratings incorporate the under lying credit risk of the borrower and the support provided by the collateral and covenants package... More...

...This primer aims to elaborate particular characteristics of the Pakistani economy and their unique effect on the risk profile of institutions, as reflected in the assigned ratings. Herein, we have comprehensively described the rating methodology used for commercial banks. This is the first in a series of publications, each of which would separately pertain to other sectors... More...