Press Release

JCR-VIS Assigns Final Rating to the PPTFC of Hascol Petroleum Limited

Karachi, December 12, 2014: JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has finalized the rating of ‘AA-’ (Double A Minus) assigned to the Privately Placed Term Finance Certificate (PPTFC) of Hascol Petroleum Limited (HPL). Outlook on the assigned rating is ‘Stable’.

HPL has issued a secured PPTFC of Rs. 500m to meet their short term working capital requirements. The instrument has a tenor of 6 months. The proceeds of the TFC issue are placed in a Term Deposit Receipt with a highly rated bank which is utilized as margin for Letter of Credit. The maturity of the TDR coincides with the repayment of the TFC issue, which is in bullet form; proceeds of the maturing TDR are earmarked to be utilized for retirement of the TFC issue. The instrument carries profit rate of average six months KIBOR plus a spread of 300 bps.

For further information on this rating announcement, please contact the undersigned or Ms. Sobia Maqbool, CFA (Ext: 604) at (021)35311861-70 or fax to (021)35311872-3.

Jamal Abbas Zaidi
Deputy CEO

Applicable Rating Criteria: Oil & Gas Industry (February 2004)
Rating The Issue (September 2014

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 2014 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