Press Release

JCR-VIS assigns D rating to Sukuk issue of Amtex Limited
 

Karachi, January 3, 2011: JCR-VIS Credit Rating Co. Ltd. (JCR-VIS) has assigned a ā€˜Dā€™ rating to the five year privately placed sukuk of Rs. 650m, issued by Amtex Limited (Amtex) on account of non-payment of its latest installment due. The previous rating of ā€˜Aā€™ assigned to the TFC was based on the sukuk being fully secured by a bank guarantee. The guarantee, which has not yet been called, can be enforced by the investors, through the trustee, under the mechanism laid down in the trust deed to the issue.

For further information on this rating announcement, please contact Mr. Javed Callea (Ext: 501) at 021-35311861-70 or fax to 021-35311873 or Mr. Maimoon Rasheed at 042-36610181.



Faheem Ahmad
President & CEO

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Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2011 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited