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The Pakistan Credit Rating Agency Limited

Date
21-Dec-2016
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)
  • Correlation between Long-term and Short-term rating (Jun 16)
  • Sukuk Rating (Jun 16)
  • Corporate Rating (Jun 16)
Disclaimer
This press release is being
transmitted for the sole purpose of
dissemination through print/electronic
media. The press release may be used
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meaning or context thereof with
due credit to PACRA
Sukuk Issued by Amreli Steels Fully Redeemed: Rating Withdrawn
 Rating Type Debt Instrument
Current
(21-Dec-2016)
Previous
(08-Feb-2016)
 Action Redeem Upgrade
 Long Term A A
 Short Term - -
 Outlook Stable Stable
 Rating Watch - -

Amreli Steels issued a secured, privately placed Sukuk of PKR 880mln in Dec09. The instrument was issued for a period of 7 years, maturing in Dec16. The Sukuk has been fully redeemed in a timely manner. Subsequent to redemption, PACRA has withdrawn the rating [A] of the said instrument.
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.