Press Release

JCR-VIS assigns final rating of ‘A’ to Sukuk issue of Aisha Steel Mills Limited
 

Karachi, March 28, 2013: Having reviewed the legal documents, JCR-VIS Credit Rating Company Limited has finalized the rating of the Sukuk issue of Aisha Steel Mills Limited (ASML) at ‘A’ (Single A). Outlook on the assigned rating is ‘Stable’.

ASML has issued a 6-month Sukuk amounting to Rs. 500m. It is secured by way of joint first pari passu floating charge on all stocks, raw materials, packaging materials, finished goods, stock in trade and book debts. Rating also derives comfort from the Letter of Comfort from the company’s primary sponsor, Arif Habib Corporation Limited.

For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sobia Maqbool, CFA (Ext: 604) at 92-21-35311861-70 or fax to 92-21-35311873.



Javed Callea
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 2013 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