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951212

STATE BANK OF PAKISTAN NBFIs REGULATION AND SUPERVISION DEPARTMENT CENTRAL DIRECTORATE KARACHI

NBFIs Circular No. 11
12^th December, 1995

Chief Executive of All Leasing Companies

Dear Sirs,

Credit Rating of NBFIs

Please refer to NBFIs Circular No. 6 dated the 20^th April, 1995 on the captioned subject.

2. In partial modification of the instructions contained therein it has since been decided that Leasing Companies shall obtain mandatory credit rating on completion of a minimum period of three years of its operation. However, companies which have completed five years of operation shall be rated in the next turn and so on. In other words companies which have been in operation for a larger period shall be rated first. Instructions regarding credit rating will be sent to each company separately n its turn by the NBFIs R & S Department. The companies which intend to raise funds from the general public shall however be required to get entity rating before raising funds irrespective of period of their operation.

3. Other instructions on the subject shall however remain unchanged.

4. Please acknowledge receipt.

Yours faithfully
(MUHAMMAD ALTAF)
Additional Director

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