The Pakistan Credit Rating Agency Limited
02-Jan-24
Analyst
Faiqa Qamar
faiqa.qamar@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 Withdraws Entity Ratings of Spud Energy Pty Limited (Pakistan Branch)
| Rating Type | Entity | |
|
Current (02-Jan-24 ) |
Previous (13-Jan-23 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Subsequent to the management's decision to discontinue the Entity Ratings, PACRA withdraws the Entity Ratings of Spud Energy Pty Limited (Pakistan Branch) with immediate effect.
.
About
the Entity
Spud Energy Pty Limited, a Company with limited liability, was incorporated in Australia on May 2, 1996. Supd Energy operates in Pakistan through a branch office in Islamabad. The BoD of Spud Energy Pty Limited comprises of three members. The decision-making for Spud Energy is carried out by the parent company’s board i.e. Jura Energy Corporation which afterward is disseminated downward to Spud Energy ’s board. Jura Energy Corporation’s board comprises of four members, out of which two are independent, one is non-executive and one is an executive director. The management team is led by Mr. Nadeem Farooq as Chief Executive Officer and Mr. Arif Siddiq as Chief Financial Officer. They are assisted by a small and competent team of industry professionals.