Askari Bank Limited – Ratings Downgraded

Ref: P K 0 0 2 2 2 CRA00- 01 6 October 202 3

Askari Bank Limited – Ratings Downgraded

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has downgraded the Long-Term Foreign Currency Rating ( LT FCR ) and Short-Term Foreign Currency Rating ( ST FCR ) of Askari Bank Limited (ABL) to ‘C+’ and ‘C’, respectively, from ‘B-’ and ‘B’. At the same time, CI Ratings has lowered ABL ’s Bank Standalone Rating ( BSR ) by one notch to ‘c’, from ‘b-’, and Core Financial Strength ( CFS ) rating to ‘b’, from ‘b + ’. The Outlook for all ratings has been revised to Stable from Negative. The Extraordinary Support Level ( ESL) remains Uncertain.

The downgrade of ABL’s LT FCR and ST FCR reflects the recent downward adjustment of CI’s internal assessment of P akistan soverei gn credit risk given the weakening economic and operating environment. The …