Press Release

JCR-VIS suspends Entity Ratings of Jamshoro Joint Venture Limited

Karachi, October 15, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has suspended the entity ratings of 'A+/A-1' (Single A Plus/A-One) assigned to Jamshoro Joint Venture Limited (JJVL) with immediate effect. We have been informed by the company that their operations have been suspended owing to suspension of gas supply arrangements from Sui Southern Gas Company Limited (SSGCL). According to the management, the company has finalized a new gas supply arrangement with SSGCL and the details of said arrangement have been submitted to the Honorable Supreme Court of Pakistan (SC). In view of the exogenous circumstances beyond the control of the company, the ratings assigned to the company have been placed on “suspension” pending order of the Apex Court for resumption of operations.

The rating will be updated upon restoration of operations while taking into account the renewed terms and conditions of the revised working arrangement. Previous rating action was announced on March 28, 2018.

For further information on this rating announcement, please contact the undersigned at 021-35311861-70 or Mr. Maimoon Rasheed at 042-35723411-13.

Javed Callea

Applicable rating criterion: Industrial Corporates (May, 2016)

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 2018 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