JCR-VIS suspends Entity Ratings of Jamshoro Joint Venture Limited

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MG News | October 17, 2018 at 01:12 PM GMT+05:00

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October 17, 2018 (MLN): JCR-VIS Credit Rating Company Limited (JCR-VIS) has suspended the entity ratings of 'A+/A-1' (Single A Plus/A-One) assigned to Jamshoro Joint Venture Limited (JJVL) with immediate effect.

“We have been informed by the company that their operations have been suspended owing to suspension of gas supply arrangements from Sui Southern Gas Company Limited (SSGCL)” the press release reported.

According to the management, the company has finalized a new gas supply arrangement with SSGCL and the details of said arrangement have been submitted to the Honorable Supreme Court of Pakistan (SC).

In view of the exogenous circumstances beyond the control of the company, the ratings assigned to the company have been placed on “suspension” pending order of the Apex Court for resumption of operations, the report added.

According to the rating agency, the rating will be updated upon restoration of operations while taking into account the renewed terms and conditions of the revised working arrangement.

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