Fitch Ratings affirmed and simultaneously withdrawn the ratings of the four Pakistani banks here Monday mainly owing to limited investor interest.
As per Fitch press statement issued here, the four banks include National Bank of Pakistan (NBP), MCB Bank Limited (MCB), Habib Bank Limited (HBL), and United Bank Limited (UBL) to Individual D, Support 5, Individual D, Support 5, Individual D/E, Support 5, and Individual D/E, Support 5 respectively.
The statement further stated that these banks face significant asset quality challenges over the medium-term which may exert downward pressure on their Individual ratings. However, it added, their reasonable profitability and capitalisation currently protects this downside.
The Support ratings for all these banks are at '5', which is the lowest possible of Fitch's Support rating scale due to the Pakistan sovereign's weak fiscal position, it pointed out.
The statement went on to say that the Fitch will no longer provide ratings or analytical coverage of the abovementioned banks.
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