PACRA MAINTAINS THE RATING OF

SECURETEL SPV LIMITED'S TFC-A

 

Lahore: September 08, 2003

The Pakistan Credit Rating Agency (PACRA) has maintained the rating at "A" (Single A) for the securitised TFC A issue of PKR 840mln of Securetel SPV Limited (SPV). The rating denotes a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.

While assigning the rating, PACRA has taken note of the high quality of underlying purchased receivables of Paktel Limited (PTL) and the availability of robust safety margins to TFC A holders based on their senior right on collections of securitised receivables. The rating also reflects growing cellular phone demand in the country and the expected launch of GSM services that is likely to enhance PTL's revenues and the cushion available to the TFC holders.