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Ref: PK00822CRA00-01 29 September 2023

Ref: P K 0 0 8 2 2 CRA00- 01 2 9 Sept ember 202 3

National Bank of Pakistan – 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 National Bank of Pakistan (NBP) to ‘C+’ and ‘C’, respectively, from ‘B-’ and ‘B’. At the same time, CI Ratings has lowered NBP ’s Bank Standalone Rating ( BSR ) to ‘c’, from ‘b-’, and Core Financial Strength ( CFS ) rating to ‘b+’, from ‘bb-’. The Outlook for all ratings has been revised to Stable from Negative. The Extraordinary Support Level (ESL) of Moderate has been affirmed.

The lowering of the Bank’s LT FCR and ST FCR reflects the downward adjustment of CI’s internal assessment of sovereign credit risk for Pakistan given the weakening economic and operating environment. NBP’s BSR…