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The Pakistan Credit Rating Agency Limited
Press Release

Date
29-Dec-20

Analyst
Raniya Tanawar
raniya.tanawar@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

PACRA withdraws Entity Ratings of Sonya Travels (Pvt.) Limited

Rating Type Entity
Current
(29-Dec-20 )
Previous
(26-Jun-20 )
Action Withdraw Maintain
Long Term - BBB
Short Term - A2
Outlook Developing
Rating Watch - Yes

Subsequent to the management's decision to discontinue the ratings, PACRA withdraws the Entity Ratings of Sonya Travels (Pvt.) Limited with immediate effect.
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About the Entity
Sonya Travels is a private limited company. The company is equally owned by Mr. Tariq Rahim and Mr. Ali Rahim. Sonya Travels has a history of more than two decades, having business in the fields of Air Travel and Tourism. In the year 2018, the company enjoyed the privilege of entertaining more than half a million tourists to and from various parts of the world. Sonya Travels is one of the largest Air travels, Tours and Umrah company having more than 12 branches nationwide. The company also has footings in UAE and KSA.

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.