VIS reaffirms ratings of Saudi Pak Industrial and Agricultural Investment Company

MG News | June 03, 2019 at 10:30 AM GMT+05:00

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June 3, 2019 (MLN): VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Saudi Pak Industrial and Agricultural Investment Company Limited (Saudi Pak) at ‘AA+/A-1+’ (Double A Plus/A-One Plus).

According to a press release published by VIS on this occasion, the medium to long-term rating of ‘AA+’ denotes high credit quality, with strong protection factors. Moreover, risk factors are modest but may vary slightly with possible changes in the economy, says the rating company.

Moreover, the short-term rating of ‘A-1+’ denotes highest certainty of timely payment, liquidity factors are outstanding and safety is just below risk free short-term obligations of Government of Pakistan.

Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on June 12, 2018.

“Ratings assigned to Saudi Pak take into account its strong shareholders’ profile, with two sovereigns, Government of Pakistan and Kingdom of Saudi Arabia (KSA), having an equal stake in the company under the terms of a joint venture agreement,” informed VIS.

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