Karachi, January 08, 2021 (PPI-OT): VIS Credit Rating Company Ltd. (VIS) has upgraded the Broker Management Rating of Integrated Equities Limited (IEL) to ‘BMR2’ from ‘BMR3++’. Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on January 9, 2020. The rating signifies strong compliance and risk management, sound internal and external control framework, client relationship and HR and IT services while regulatory compliance levels and financial management are adequate.
Assigned rating to IEL factors in the improvement in compliance and risk management function and appointment of auditors belonging to ‘A’ category on SBP’s approved list of auditors. On regulatory and best practices, increase in the size of board and inclusion of independent director on board with relevant experience and formation of risk management committee would strengthen board level governance. Rating takes note of sound internal and external control and HR infrastructure. Assessment of profitability profile indicates improvement in 2020. Going forward, focus on diversifying income streams may lower the operational risk of the business.
For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan