The Pakistan Credit Rating Agency (Pacra) has upgraded the long-term rating to "A+" (Single A plus) while maintaining the short-term rating at "A1" (A One) of Azgard Nine Limited (ANL). These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payments of financial commitments.
The rating of the first secured TFC issue of 2,144 million rupees has been upgraded to "AA-" (Double A minus). Meanwhile, short-term rating of "A1+" (A one plus) has been assigned to the second secured TFC issue of 2,500 million rupees pending redemption in January 2008.
The ratings reflect the company's sustained progression towards higher value-addition in denim products, supplemented by efficient vertical integration of textile operations, and long-standing relationships, with customers. At the same time, the ratings recognise the beneficial implications of the acquisition of fertiliser operations for the overall business risk of ANL.-PR
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