The Pakistan Credit Rating Agency Limited
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Haider Imran

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Sukuk Issued by Amreli Steels Fully Redeemed: Rating Withdrawn

Issuer Amreli Steels Limited
Instrument Sukuk-II
Amount PKR 880 mln
Issuance Date 07-Dec-09
Tenor 84 Years
Redemption Date 01-Jan-70
Outstanding Amount -

Rating Type Debt Instrument
Action Redeem Upgrade
Long Term A A
Short Term - -
Outlook Stable Stable
Rating Watch - -

Amreli Steels issued a secured, privately placed Sukuk of PKR 880mln in Dec09. The instrument was issued for a period of 7 years, maturing in Dec16. The Sukuk has been fully redeemed in a timely manner. Subsequent to redemption, PACRA has withdrawn the rating <b>[A]</b> of the said instrument.

About the Entity

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.