The Pakistan Credit Rating Agency Limited (PACRA) has withdrawn the entity rating ("D") of Pace (Pakistan) Limited (Pace). The rating ("D") of issues (TFC: PKR l,500mln; Sukuk : PKR 400mln) by Pace has also been withdrawn.
PACRA attempts to keep its rating opinion current by analyzing relevant information. Given distressed profile of the company, and disarryed structure of financial obligations, it is difficult to formulate a valid opinion on Pace.
Hence, PACRA withdraws its ratings. PACRA would update its opinion as soon as requisite information becomes available for formation of a valid rating opinion.
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.
PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.
Analyst
Omaira Amjad
(+92-42-35869504)
omaira.amjad@pacra.com
www.pacra.com
Disclaimer
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA.
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© Press Release 2012
