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The Pakistan Credit Rating Agency Limited

Date
22-Feb-2017
Analysts
Rai Umar Zafar
rai.umar@pacra.com

Haider Imran
haider.imran@pacra.com

+92-42-35869504
www.pacra.com
Applicable Criteria

  • Rating Modifiers | Outlook and Rating Watch (Jun 16) [View]
  • Correlation between Long-term and Short-term rating (Jun 16) [View]
Disclaimer
This press release is being
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TFC I Issued by Pakistan Refinery Fully Redeemed: Rating Withdrawn
 IssuerPakistan Refinery Limited
 InstrumentTFC-I
 AmountPKR 2244mln
 Issuance Date16-Aug-2013
 Tenure36 Years
 Redumption Date30-Nov--0001
 Outstanding Amount-

 Rating Type Debt Instrument
Current
(22-Feb-2017)
Previous
(29-Jun-2016)
 Action Redeem Maintain
 Long Term A A
 Short Term - -
 Outlook Stable Stable
 Rating Watch - -

Pakistan Refinery Limited (PRL) has redeemed its TFC I (Taraqqi I) of PKR 2.24bln, issued in Dec'13 for a period of 3 years. Subsequent to payment by PRL of outstanding amount at maturity in Dec'16, PACRA has withdrawn the rating [A (Single A)] of the said TFC.
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.
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