The Pakistan Credit Rating Agency (Pacara) has maintained Pakistan Mobile Communications (Pvt) Limited (PMCL) long-term rating of 'AA-' (Double A Minus) and short-term rating of 'A1' (A One).
These ratings denote a very low expectation of credit risk emanating from a very strong capacity for timely payment of financial commitments. The ratings are applicable to the senior unsecured creditors of the company.
The ratings reflect PMCL's sustained market leadership and strong financial performance emanating from continuing growth in volumes. Though there has been a material increase in financial leverage owing to a significant debt acquisition to support expansion, PMCL is maintaining gearing and respective coverage's at an adequate level.
The ratings also incorporate the company's efforts to sustain its positioning in an increasingly competitive cellular industry.
PMCL is the largest cellular telecommunication service provider engaged in installation, operation and maintenance of a countrywide GSM cellular network under the brand name of Mobilink.
PMCL was incorporated as a private limited company in December 1990, and commenced operations in August 1994. The company enjoys strong technological and financial support of Orascom Telecom (OT) which operates GSM cellular networks in 21 countries across the Middle East, Africa and Asia. In addition to GSM operations, Orascom Telecom has other subsidiaries in the areas of Internet and satellite technologies.
The parent company was incorporated in Egypt in 1992 and is publicly traded on the Cairo and Alexandria Stock Exchanges in Egypt, and the London Stock Exchange.