January 18, 2019 (MLN): Pakistan Credit Rating Agency (PACRA) has assigned Spud Energy Pty Limited (Pakistan Branch) with an ‘initial entity’ rating of ‘A-‘ for long term and ‘A2’ for short term with a ‘stable’ outlook forecast.
Spud Energy is engaged in upstream Oil and Gas business in Pakistan. The company is a wholly owned subsidiary of Jura Energy Corporation, public company listed on TSX Venture Exchange.
The credit rating agency explained in a formal press release that the aforementioned ratings are dependent on sustained competitive positioning of the company, while upholding good governance practices through its parent Company i.e. Jura Energy Corporation
The strength of the business reflects in the US dollar based pricing and its collection in US dollar directly into the foreign currency bank accounts.
Spud Energy Pty Limited's (Pakistan Branch) management is pursuing an expansion strategy with the aim to make additions to its revenue stream which would support the business bottom-line
