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The Pakistan Credit Rating Agency Limited
Press Release

Date
04-Nov-22

Analyst
Uswa Sikandar
uswa.sikandar@pacra.com
+92-42-35869504
www.pacra.com

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This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA Withdraws Entity Ratings of Sui Northern Gas Pipelines Limited

Rating Type Entity
Current
(04-Nov-22 )
Previous
(05-Nov-21 )
Action Withdraw Maintain
Long Term - AA-
Short Term - A1
Outlook Stable
Rating Watch - -

Subsequent to management's decision to discontinue the entity ratings of Sui Northern Gas Pipelines Limited , PACRA withdraws the entity ratings of Sui Northern Gas Pipelines Ltd. with
immediate effect.
.

About the Entity
SNGPL, the largest gas transmission & distribution company in Pakistan, is engaged in the business of purchase, transmission, and distribution of natural gas. The Government of Pakistan has a direct shareholding of ~32% in the company. The twelve-member Board comprises one ED and eleven NEDs including five independent directors. Mr. Ali J. Hamdani took the position of CEO/MD in Dec-2020. He is accompanied by an experienced team. On 20th November 2019, Mrs. Roohi Raees Khan, Director of SNGPL has been appointed as Chairperson of the Board in place of Late Mr. Syed Dilawar Abbas. However, she was appointed on July, 20 after the election of directors held in early the month of July, 20. She holds experience of more than a decade and is represented on various company boards.

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 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.