Press Release

JCR-VIS assigns Final Rating of AA to the PTC issue of Treet Corporation Limited
 

Karachi, October 23, 2012: JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned final rating of ‘AA’ (Double A) to the Participatory Term Certificates (PTC) of Treet Corporation Limited (TCL) after examination of the signed legal documents. Outlook on the rating is ‘Stable’.

The secured, listed, convertible participatory redeemable capital of Rs. 1.255b has been issued for a period of 7 years. PTCs have been offered by way of a renounceable right offer to the existing shareholders in accordance with their existing shareholding. The PTCs have mandatory yearly conversion into common stocks at a predetermined price to the extent of 96.5% of the value of the issue price of PTC, while the remaining portion will be redeemed in cash. The instrument is structured to provide an opportunity of profit sharing to the PTC investors under a tiered mechanism.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA at 021-35311861-70 or Mr. Maimoon Rasheed at 042-36610681-84.



Abdur Rahim
Advisor

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 2012 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited