KARACHI:The State Bank of Pakistan (SBP) on Tuesday renewed the status of the two credit rating agencies operating in Pakistan.

According to a statement issued here the status of VIS Credit Rating Company Limited (VIS) and The Pakistan Credit Rating Agency Limited (PACRA) was renewed as eligible or recognised External Credit Assessment Institutions (ECAIs) till December 31, 2023.

The central bank allowed banks and Development Financial Institutions (DFIs) using the standardised approach of the Basel framework to use credit ratings assigned by VIS and PACRA for CAR calculation purposes.