The Pakistan Credit Rating Agency (Pacra) has assigned (Single A Minus) rating to Rs 200 million Sukuk of' Eden Developers (Pvt) Limited (EDPL). This rating denotes a low expectation of credit risk emanating from strong capacity for timely payment of financial commitments.
The rating reflects EDPL's established project implementation capability supplemented by strong supervisor controls developed over the years. The rating recognises the adequate structure of the Sukuk, which. Inter alia, includes charge over the land to be utilised for the development and construction of the company's upcoming housing project to be developed in Eden City--a housing scheme of EDPL located close to Lahore International Airport, and the cash flows to be generated from the underlying project.-PR
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