Draft PR
The Pakistan Credit Rating Agency Limited

Rai Umar Zafar

Haider Imran

Applicable Criteria

  • Rating Modifiers | Outlook and Rating Watch (Jun 16)
  • Correlation between Long-term and Short-term rating (Jun 16)
  • Corporate Rating (Jun 16)
  • Debt Instrument (Jun 16)
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TFC I Issued by Pakistan Refinery Fully Redeemed: Rating Withdrawn
 Rating Type Debt Instrument
 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 Subsequent to payment by PRL of outstanding amount at maturity in Dec'16, PACRA has withdrawn the rating [A (Single A)] of the said TFC.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.