A. ENTIY RATINGS | Minimun Rating Fee |
i. COMMERCIAL BANKS | |
Small Banks (Having total assets < 2% of overall banking assets) | PKR 600,000 |
Medium Banks (Having total assets < 5% ≥ 2% of overall banking assets) | PKR 800,000 |
Large Banks (Having total assets ≥ 5% of overall banking assets) | PKR 1,000,000 |
ii. MICROFINANCE FINANCE BANKS | |
Small Banks | PKR 350,000 |
Large Banks (Usually the banks having nation-wide license) | PKR 500,000 |
iii. NON BANKING FINANCIAL INSTITUTIONS /DFI | |
(Leasing Company / Investment Bank / Brokerage / House Finance Company/Modaraba) | |
Small Entity (Having equity of upto PKR 1.0bln) | PKR 350,000 |
Large Entity (Having equity of > PKR 1.0bln) | PKR 500,000 |
iv. MODARABA | |
Small Modaraba | PKR 350,000 |
Large Modaraba | PKR 500,000 |
v. INSURER FINANCIAL STRENGTH (IFS) RATING OF INSURANCE COMPANY | |
Small (Having GPW of < PKR 1.0 bln) | PKR 350,000 |
Large (Having GPW of ≥ PKR 1.0 bln) | PKR 500,000 |
vi. CORPORATE | |
Small Company | PKR 350,000 |
Medium Company | PKR 500,000 |
Large Company | PKR 600,000-750,000 |
B. REAL ESTATE PROJECT GRADING | |
Small (Project upto PKR 1.0 bln) | PKR 350,000 |
Medium (Project ≥ PKR 1.0 bln < PKR 5.0 bln ) | PKR 500,000 |
Large (Project ≥ PKR 5.0 bln) | PKR 750,000 |
C. INSTRUMENT RATING | |
i.Long-Term Debt Instrument (TFCs, Sukuks, Structured Finance, Sub-ordinate Debt, etc.) ii. Short Term Debt Instrument (Short-Term TFCs / Sukuks, Commercial Paper etc.) |
The rating fee depends upon the issue size subject to a minimum fee of PKR 300,000 |
Instrument amount up to PKR 1.0 bln | 10 bps of the issue amount, subject to a minimum of PKR 300,000 |
Over PKR 1.0 bln and up to PKR 3.0 bln | PKR 1,000,000 plus 5.0 bps of the amount exceeding PKR 1.0 bln |
Over PKR 3.0 bln and up to PKR 7.0 bln | PKR 2,000,000 plus 2.0 bps of the amount exceeding PKR 3.0 bln |
Over 7.0 bln and up to 15.0 bln | PKR 2,800,000 plus 1.0 bps o f the amount exceeding 7.0 bln |
Over 15.0 bln | PKR 3,600,000 plus 0.75 bps of the amount exceeding 15.0 bln |
D. ASSET MANAGEMENT | |
i. ASSET MANAGER RATING | |
Small AM (Having AUM of < PKR 10.0 bln) | PKR 350,000 |
Large AM (Having AUM of ≥ PKR 10.0 bln) | PKR 500,000 |
ii. MUTUAL FUND | |
1 basis point (bps) of the Net Asset Value at the end of the latest financial year, subject to following minimum and maximum; Minimun Maximum |
|
Capital Protection Rating | PKR 100,000 PKR 200,000 |
Fund Stability Rating | PKR 150,000 PKR 250,000 |
Fund Performance Ranking | PKR 100,000 PKR 200,000 |
E. INDICATIVE RATINGS | |
Indicative ratings – merely indicate the rating band or category in which the entity’s long-term rating is likely to fall, if a formal rating review were to be conducted. These are not meant for public dissemination and are for the consumption of the management of the entity. | PACRA charges 50% of the formal rating fee for Indicative rating. This fee is adjustable against the formal rating fee, in case the entity so desires within 3 months of indicative rating. |
F. FREQUENT ISSUER AND MULTI-YEAR FEE ARRANGEMENT | |
PACRA may consider alternative fee arrangements for volume issuers and other entities that want multi-year ratings services arrangements. | |
G. Other Data & Research Services | Subscription Policy | |
PACRA provides historical rating data (more than five years) and Rating reports on subscription basis. The fee for data services ranges from US$100 to US$2,500. Meanwhile, the reports can be subscribed for US$50 or PKR 5,000 per report. These should be subscribed for analytical use only. Request for rating reports can be made to our communication cell through email at: samiya@pacra.com, or directly mailed to: |
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