Adnan Afaq joins PACRA as Managing Director
Friday, 28 November 2008 21:34
Adnan Afaq joined Pakistan Credit Rating Agency as its new Managing Director and CEO. Adnan is from the 16th Entry and was in Jinnah Wing. Before joining PACRA, Adnan was heading Askari Investment Management Limited, as its CEO. He is a Fellow of the Institute of Chartered Accountants of Pakistan, and England & Wales. Adnan has worked at senior positions at Askari Bank, Prime Bank (later renamed as ABN Amro and now known as RBS - Royal Bank of Scotland).
PACRA was established in 1994 as a joint venture between IBCA Limited (the international credit rating agency), International Finance Corporation (IFC) and the Lahore Stock Exchange (LSE). Being the first credit rating agancy in Pakistan, PACRA is widely acknowledged for its professionalism and integrity. To date it has completed well over a hundred ratings, including major industrial corporates, financial institutions and debt instruments. In addition to local ratings, it has also successfully completed two international rating assignments in collaboration with Fitch.
PACRA is geared to provide a full range of credit rating services. This includes the rating of coporate entities and fixed income instruments. The ownership and management structure of the company ensures complete independence from any direct or indirect control of the government, any private sector business group or financial institution.
A rating assigned by the Rating Committee, which includes the company's senior management, reflects its objectively formed opinion of credit risk. Other rating reviews carried out by PACRA include Financial Strength Ratings of modarbas. Mutual Fund Ratings and Insurer Financial Strength (IFS) Ratings for insurance companies.