Pakistan Credit Rating Agency Affirms MCB Islamic Bank’s Long-Term Rating with Stable Outlook

The Pakistan Credit Rating Agency (PACRA) has affirmed the long-term rating of Pakistan-based MCB Islamic Bank (MIB) at ‘A’ with a Stable Outlook, meaning that the rating is unlikely to change.

The affirmation of MIB’s long term rating is driven by the strong market position, established brand equity and sound financial profile of MIB’s parent company MCB Bank (MCB), which has a long-term rating of ‘AAA’.

According to PACRA, the ratings incorporate the sponsor's willingness to support MIB whilst MIB’s ratings are also dependent on its ability to hold its risk profile, in addition to maintaining its relative market position in the banking indu...