KARACHI: VIS Credit Rating Company Limited has assigned Initial Broker Fiduciary rating of ‘BFR3++’ to Adam Securities Limited. Outlook on the assigned rating is stable.
The rating signifies sound internal controls and management and client services while business and financial sustainability and ownership and governance are considered adequate, said VIS release on Tuesday.
The assigned rating reflects ASL’s established market position and sound financial sustainability along with established internal controls framework.
However, ASL’s governance framework has room for improvement as limited board size is considered a constraint in formation of independently represented committees.
Financial profile of the company indicates improvement in FY21 on the back of one-off capital gains, however sustainability of profits from core operations will be important for ratings.