State Bank of Pakistan on June 06, 2023 has renewed the status of the two credit rating agencies operating in Pakistan namely VIS Credit Rating Company Limited (VIS) and The Pakistan Credit Rating Agency Limited (PACRA) as eligible / recognized External Credit Assessment Institutions (ECAIs) till December 31, 2023. Banks and DFIs using the standardized approach of Basel framework are allowed to use credit ratings assigned by VIS and PACRA for CAR calculation purposes.
Source: IBP