The Pakistan Credit Rating Agency (Pacra) has assigned the long-term and short-term entity ratings of 'AA-' (Double A minus) and 'A1+' (A One plus), respectively to Pak Iran Joint Investment Company Limited (PIJICL). According to a press release, these ratings denote a very low expectation of credit risk emanating from the highest capacity for timely payment of financial commitments.
The ratings reflect the joint ownership of PIJICL by the governments of Pakistan and Iran, implying strong support to the company. At the same time, the ratings reflect the sound risk absorption capacity of the company, an outcome of a robust capital structure and a conservative stance towards risk.
The company is in the process of developing the key management team and building the requisite infrastructure before actively pursuing its business plans. The identified business lines though largely similar to other DFIs, focuses on project financing business by promoting investment flow from Iran.-PR
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