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The Pakistan Credit Rating Agency Limited
Press Release

Date
17-Feb-22

Analyst
Madiha Sohail
madiha.sohail@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 The Rating of TPL Corp Limited | PPCP

Issuer TPL Corp Limited
Instrument PPCP
Amount PKR 900 mln
Issuance Date 15-Jul-21
Tenor 0 Years
Redemption Date 10-Jan-22
Outstanding Amount -

Rating Type Debt Instrument
Current
(17-Feb-22 )
Previous
(27-Aug-21 )
Action Redeem Initial
Long Term - A
Short Term - A1
Outlook Stable
Rating Watch - -

TPL Corp Limited issued privately placed commercial paper (PPCP) of PKR 900mln on July 24th, 2021. The purpose is to bridge investment of ~PKR 300mln in TPL Life Insurance and finance ~PKR 400mln working capital requirement of its subsidiaries. The PPCP carried a profit rate of 6M K+275ps. The Company has paid in full, all markup and outstanding principal amounts in timely manner. The PPCP has been redeemed on January 10th, 2022.
Subsequent to the redemption of the Commercial Paper, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of TPL Corp Limited | PPCP.

About the Entity
TPL Corp Limited (formerly known as TPL Trakker Limited) is a public limited company, listed on PSX. The Company is principally engaged in making investments in Group and other companies. TPL Trakker Ltd. was incorporated in Pakistan on December, 2008, as a private ltd company. It got listed on PSX in July, 2012. TPL Corp is majorly owned by its parent company, TPL Holdings (Pvt.) Ltd. (~62%). While financial institutions hold ~ 6% shares. The remaining shares are owned by local and foreign individuals.

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.