The Pakistan Credit Rating Agency Limited
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Hamza Ghalib

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Pakistan Refinery Limited redeems TFC II | Nov-13; PACRA withdraws Instrument Ratings.

Issuer Pakistan Refinery Limited
Instrument TFC-II
Amount PKR 536 mln
Issuance Date 16-Aug-13
Tenor 5 Years
Redemption Date 10-Dec-18
Outstanding Amount -

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

Pakistan Refinery Limited issued Term Finance Certificate (TFC II), carrying a fixed profit rate of 10.75%, had a tenor of 5 years. The instrument was due for the final redemption in Dec-18, has been fully redeemed. Thus, PACRA withdraws the debt instrument rating of 'A' assigned to TFC II | Nov-13, with immediate effect.

About the Entity
Pakistan Refinery Limited is a public company incorporated in Pakistan in 1960. PRL’s refinery is situated at Korangi, while it has a Tank terminal to store products at the Keamari terminal. Pakistan Refinery Limited (PRL), having refinery capacity of 2.1mln tons per annum, came fully online in Oct’62. PRL, a hydroskimming refinery, designed to process various imported and local crude oil to meet the strategic and domestic fuel requirements of the country. Majority shareholding in PRL is held by Pakistan State Oil Company Limited (~53%), HASCOL (~15%), and Individuals (~20%).

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.