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The Pakistan Credit Rating Agency Limited
Press Release

Date
22-Feb-17

Analyst
Haider Imran
haider.imran@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

TFC I Issued by Pakistan Refinery Fully Redeemed: Rating Withdrawn

Issuer Pakistan Refinery Limited
Instrument TFC-I
Amount PKR 2244 mln
Issuance Date 16-Aug-13
Tenor 36 Years
Redemption Date 01-Jan-70
Outstanding Amount -

Rating Type Debt Instrument
Current
(22-Feb-17)
Previous
(29-Jun-16)
Action Redeem Maintain
Long Term A A
Short Term - -
Outlook Stable Stable
Rating Watch - -

Pakistan Refinery Limited (PRL) has redeemed its TFC I (Taraqqi I) of PKR 2.24bln, issued in Dec'13 for a period of 3 years. Subsequent to payment by PRL of outstanding amount at maturity in Dec'16, PACRA has withdrawn the rating [A (Single A)] of the said TFC.

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.