The Pakistan Credit Rating Agency Limited
22-Apr-20
Analyst
Raniya Tanawar
raniya.tanawar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Ratings | Jun-19
- Methodology | Correlation Between Long-Term And Short-Term Rating Scale | Jun-19
- Criteria | Rating Modifier | Jun-19
Related Research
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PACRA Withdraws Entity Ratings of Fatimafert Limited
| Rating Type | Entity | |
|
Current (22-Apr-20 ) |
Previous (30-Aug-19 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | Yes |
The management of Fatimafert had been in the process of amalgamating the entity into its parent company, i.e., Fatima Fertilizer Co. Ltd. The process came to culmination. Fatimafert, being a wholly owned subsidiary of Fatima Fertilizer Company Limited has been completely merged into its parent company, therefore ceases to operate as a separate legal entity and stands dissolved.
Consequently, PACRA withdraws the Entity Ratings of Fatimafert Limited with immediate effect.
About
the Entity
Fatimafert was a wholly owned subsidiary of Fatima Fertilizer Limited (Fatima). The company manufactured and marketed urea under the brand name "Bubber Sher". The plant, located in the vicinity of Lahore, had a nameplate capacity of 445,500MT per annum. Fatima Fertilizer, listed on Pakistan Stock Exchange, is owned by Fatima Group (45%) and Arif Habib Group (31%). It is a fertilizer complex. In addition to Fatimafert (which is now fully merged into Fatima), the group also owns Pakarab Fertilizers Limited. It also has interests in textile, sugar and energy sectors.