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The Pakistan Credit Rating Agency Limited
Press Release

Date
23-Dec-16

Analyst
Shoaib Afzal
shoaib.afzal@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

Sukuk Issued by Engro Fertilizers Limited Fully Redeemed: Rating Withdrawn |ST Sukuk | May-16

Rating Type Debt Instrument
Current
(23-Dec-16)
Previous
(18-Nov-16)
Action Withdraw Maintain
Long Term AA- AA-
Short Term - -
Outlook - Stable
Rating Watch - -

Engro Fertilizers Limited (EFert) issued a secured, privately placed Sukuk of PKR 5,000mln in May16. The instrument was issued for a period of 6 months. The Sukuk has been fully redeemed in a timely manner. Subsequent to redemption, PACRA has withdrawn the rating [AA-] of the said instrument.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.