The Pakistan Credit Rating Agency Limited
Press Release
a

Rating Action
Lahore: (07-April-2006)
   

PACRA Places Ratings of Azgard Nine Limited and Its TFCs on RatingWatch

 

 
Analyst
Shahzad Saleem
(+92-42-586 9504)
shahzad@pacra.com

 

 

 

Disclaimer
This press release is transmitted to you for this sole purpose of dissemination through your newspaper/magazine/agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to PACRA. However, PACRA has the sole right of distribution of its press releases for consideration or otherwise through any media.

  

The Cabinet Committee on Privatization has recently approved the sale of Pak-American Fertilizers Limited to the consortium of Azgard Nine Limited and Jahangir Siddiqui group. The consortium, being led by Azgard Nine, is in the process of arranging requisite funds. Following this development, PACRA has placed the ratings (Long-term: A, Short-term: A1, TFCs: A+) of Azgard Nine Limited on Rating Watch.

This would be followed by a detailed review of the implications of this transaction, particularly with reference to likely impact on the risk profile of the company.
 
The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity.

PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings.

PACRA's opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.

 

    
splinter cell