The Pakistan Credit Rating Agency Limited
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Shoaib Afzal

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Sukuk Issued by Engro Fertilizers Limited Fully Redeemed: Rating Withdrawn |ST Sukuk | May-16

Rating Type Debt Instrument
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 Subsequent to redemption, PACRA has withdrawn the rating [AA-] of the said instrument.

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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.