PACRA MAINTAINS THE RATING OF TFC
ISSUE OF AL-NOOR SUGAR MILLS LIMITED

 

Lahore: April 23, 2002

The Pakistan Credit Rating Agency (PACRA) has maintained the assigned rating of "BBB+" (Triple B plus) to the secured TFC issue of Rs. 203.66 mln of Al-Noor Sugar Mills Limited. The rating denotes a low expectation of credit risk and adequate capacity for timely payment of financial commitments.

While maintaining the rating, PACRA has taken cognisance of the company's diversified revenue base and the expected improvement in the liquidity position after the gradual decline in inventory holding. The rating also factors in the demonstrated support from sponsors in the form of unsecured short-term facilities from own sources and from associate companies.