January 14, 2019 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the ‘entity rating’ of Liberty Mills Limited at ‘A+’ for long term and at ‘A1’ for short term, with a ‘stable’ outlook forecast.
As per a formal press release on the rating, PACRA says that the reflect diversity in revenue stream emanating from textile business topped up with non-core recurring income from investments.
Going forward, Liberty Group – the sponsors – intends to expand its industrial footing with a diversification philosophy, discloses the document.
“A number of medium and long term projects are underway at group-level including (i) Pakistan Aluminum Beverage Cans Limited (PABC) (ii) Liberty Wind Power One (Pvt.) Limited (iii) Engro PowerGen Thar (Pvt.) Limited (iv) Steel Plant (v) Hydro Power projects,” tells PACRA.
Adding on, PACRA reveals that the ratings are dependent on the management's ability to sustain its margins while improving growth in revenue. “Meanwhile, utilization of beefed-up capacities is considered important,” opined the agency.
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