The Pakistan Credit Rating Agency Limited
12-Jan-24
Analyst
Ali Arslan Malik
Ali.Arslan@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-23
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-23
Related Research
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PACRA Assigns Initial Entity Ratings to Tourism Promotion Services (Pakistan) Limited
| Rating Type | Entity | |
|
Current (12-Jan-24 ) |
||
| Action | Initial | |
| Long Term | AA | |
| Short Term | A1 | |
| Outlook | Stable | |
| Rating Watch | - | |
Tourism Promotion Services (Pakistan) Limited (TPSP), manages and operates Serena Hotels across Pakistan including the flagship Islamabad Serena Hotel. The Company, a key player in Pakistan's hospitality sector, positioned as a market leader, benefits from consumer spending and urban development. The Serena brand ensures quality, comfort and service delivery, resulting in higher market share under Rooms, Food and Beverages and Spa / Health Club. TPSP is a Company with financially solid and moderately leveraged capital structure.
Focused on expansion, TPSP plans new hotels and upgrades, with a commitment to environmental sustainability. Due to macroeconomic factors and industry competition, the Company’s rating depends on operational sustainability, occupancy, profitability, and effective financial risk management.
About
the Entity
Tourism Promotion Services (Pakistan) Limited, established on March 19, 1969, operates as an unlisted Public Company. It has a seven member Board of Directors. Mr. Aziz Boolani, the Chief Executive Officer has over 35 years of industry experience. TPSP, significant in Pakistan's hospitality sector, manages nine Serena Hotels and Resorts nationwide and a Business Complex in Islamabad, with its Registered Office in Islamabad.