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The Pakistan Credit Rating Agency Limited
Press Release

Date
22-Apr-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 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.

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.