VIS upgrades entity ratings of Al-Makkah Oil Refinery Limited

By MG News | March 28, 2019 at 11:25 AM GMT+05:00

0:00

March 28, 2019 (MLN): VIS Credit Rating Company Limited (VIS) has upgraded the entity ratings of Al-Makkah Oil Refinery Limited (AOL) from ‘BBB-/A-2’ to ‘BBB/A-2’. Outlook on the assigned ratings is ‘Stable’.

The assigned ratings draw comfort from the commitment that no long term debt would be undertaken by the company and short term borrowings & trade payables in relation to net sales would be maintained at prudent levels over the rating horizon. Given tax credit and low financial charges, cash flows are expected to remain a function of gross margins. Nevertheless, corporate governance framework and internal control systems have room for improvement.

Ratings continue to derive strength from established track record of sponsors in the edible oil business and favorable demand prospects for edible oil in the domestic market.

Going forward, ratings are dependent upon improving trend in gross margins and leverage indicators. Any deviation from communicated rating benchmarks would impact the ratings.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	130,686.66 280.01M	0.26% 342.63
ALLSHR	81,305.25 897.01M	0.35% 281.26
KSE30	39,945.45 114.02M	0.09% 37.19
KMI30	190,698.05 148.61M	0.61% 1163.05
KMIALLSHR	55,074.15 495.43M	0.53% 290.50
BKTi	34,568.40 28.73M	-1.07% -372.33
OGTi	28,739.35 22.59M	1.57% 443.29

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	110,300.00	110,525.00 110,105.00	-115.00 -0.10%
BRENT CRUDE	68.78	68.89 68.73	-0.02 -0.03%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	-0.75 -0.76%
ROTTERDAM COAL MONTHLY	108.45	109.80 108.45	-0.55 -0.50%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	67.05	67.18 66.99	0.05 0.07%
SUGAR #11 WORLD	16.37	16.40 15.44	0.79 5.07%