KARACHI: The JCR-VIS Credit Rating Company Limited has reaffirmed the entity ratings of Saudi Pak Industrial and Agricultural Investment Company Limited (Saudi Pak) at Double A Plus/A-One Plus. Outlook on the assigned rating is ‘stable’. The previous rating action was announced on June 17, 2016. Key rating driver to the assigned ratings is the implicit support of two sovereign sponsors – the government of Pakistan and Kingdom of Saudi Arabia – having equal stake in the company. With higher focus on lending activities largely to moderate risk clients, gross loan portfolio augmented during FY16. This, along with higher provisioning level, improved the net infection level. Sector concentration levels, which have improved during the year, would need to be monitored given the management future plans to focus on clients mainly pertaining to food and energy segments. Published in Daily Times, June 24th, 2017.