JCR-VIS Credit Rating Company Ltd, after reviewing the legal documents, has finalised the medium to long-term rating of 'A-' (Single A Minus) for the proposed secured and listed 'Term Finance Certificate' (TFC) of Rs 400 million to be issued by the First National Equities Limited (FNEL).
The tenor of the TFC would be five years, and principal repayment will commence after initial grace period of 6 months.
The TFC is secured by a charge on fixed assets of the company (including land and building) amounting to Rs 85 million pledge of shares of listed companies and mutual funds worth Rs 325 million and Rs 93 million, respectively.
In addition to this, a guarantee of Rs 155 million has been furnished by a financial institution rated 'A+'.