December 15, 2022 (MLN): VIS Credit Rating Company (VIS) has upgraded the entity ratings of Waves Home Appliances Limited (WHALE) at “A” for the long term and maintained the short-term rating at “A-2”, the company filing on PSX showed on Thursday.
Additionally, the rating agency has assigned a “Stable” outlook on the assigned rating of the company, the notification added.
A medium to long-term rating of ‘A’ signifies good credit quality with adequate protection factors. Moreover, risk factors may vary with possible changes in the economy. A short-term rating of ‘A-2’ denotes good certainty of timely payments coupled with sound liquidity and company fundamentals.
WHALE, a subsidiary of Waves Corporation Limited (WCL), is engaged in the manufacturing, assembly, and wholesale of domestic consumer appliances and other light engineering products.
WCL recently underwent restructuring/scheme of arrangement (effective from Aug'21) wherein the home appliances business was demerged and merged into WHALE.
While the real estate business and retail shop network for consumer appliances and other consumer goods were retained with the formation of two separate wholly-owned subsidiaries i.e., Waves Marker Place Limited and Waves Builders & Developers Limited.
At the time of writing, the scrip of the company is being traded at Rs7.80, which is down by 13 paisa or 1.64% DoD.
