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The Pakistan Credit Rating Agency Limited
Press Release

Date
30-Jun-21

Analyst
Muhammad Noor Ul Haq
noorulhaq@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 Aggrio Pakistan (Pvt.) Limited

Rating Type Entity
Current
(30-Jun-21)
Previous
(14-Sep-20)
Action Withdraw Initial
Long Term - BB
Short Term - B
Outlook Stable
Rating Watch - -

Subsequent to the management's decision to discontinue the entity ratings of Aggrio Pakistan (Pvt.) Limited, PACRA withdraws the entity ratings of Aggrio Pakistan (Pvt.) Limited with immediate effect.

About the Entity
Aggrio Pakistan (Pvt.) Limited was incorporated in 2016 as a result of privatization. The current shareholding constitutes; Mr. Hamid Raza and Mr. Husnain Raza each with 50%. Aggrio Pakistan, as a private company is being run by sponsors. The partners are actively involved in the management as well. Mr. Muhammad Hamid Raza is the CEO of the company. He possesses fine business acumen spanning over two decades.

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.