State Bank of Pakistan on Wednesday renewed the status of two credit rating agencies operating in Pakistan as External Credit Assessment Institutions (ECAIs) for the calendar year 2022.
According to a press statement issued here, the spokesperson of the central bank said that SBP had renewed the status of both credit rating agencies operating in Pakistan namely “VIS Credit Rating Company Limited (VIS)” and “The Pakistan Credit Rating Agency Limited (PACRA)” as eligible / recognized External Credit Assessment Institutions (ECAIs) for the calendar year 2022.
The central bank had allowed banks and development finance institutions (DFIs) using the standardized approach of Basel framework to use credit ratings assigned by VIS and PACRA for CAR calculation purposes, the statement added.
