JCR-VIS reaffirms entity ratings of Cyan Ltd at 'A/A-1'

KARACHI: JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Cyan Limited (CL) at `A/A-1' (Single A/A-One).

Outlook on the assigned rating is `Stable', said a news release issued here on Tuesday.The previous rating action was announced on October 6, 2015.

The assigned rating of CL continue to be underpinned by the sponsors' profile, with major shareholding vested with Dawood Hercules Group, a prominent industrial conglomerate having presence across diversified sectors.

Rating also incorporate company's structured evaluation process for investment and private equity selection assisted by a strong research function. Furthermore, strong performance track record, adequate liquidity and capitalization indicators and an experienced management team provide additional support to ratings. Overall exposure to market risk remains high.