PACRA Maintains Instrument and Entity Ratings of Pakistan Services Ltd
MG News | November 20, 2018 at 10:39 AM GMT+05:00
November 20, 2018 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the entity ratings of Pakistan Services Limited at ‘A+’ for long term and ‘A1’ for short term, and Instrument ratings at ‘AA-’ for long term. The outlook forecast on these ratings is ‘stable’.
According to the rating agency, the ratings reflect Pakistan Services Limited’s strong position in the hospitality industry as the market leader drawing comfort from the Company’s association with Hashoo Group.
Furthermore, its ratings are dependent on effective implementation of envisaged strategy while maintaining modest leveraging and improving coverages. Any significant delay in commencement of new projects, deterioration in margins/coverages and material dilution in liquid investments (other than debt repayment) will have a negatively impact on ratings.
Pakistan Services Limited has witnessed growth over the years amid improving security conditions and progression of CPEC with stable margins. However, ongoing political scenario impacted the Company's profitability and coverages negatively during 3MFY19.
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