Press Release

JCR-VIS assigns final rating to Sukuk issue of Hascol Petroleum Limited

Karachi, January 08, 2016: Upon submission of legal documentation, JCR-VIS Credit Rating Company Limited has finalized the ratings of ‘AA-’ (Double A Minus) assigned to Sukuk issue of Rs. 2billion of Hascol Petroleum Limited (HPL). HPL has outstanding entity ratings of ‘A+/A-1’ (Single A Plus/A-One). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on November 06, 2015.

HPL has issued a privately placed Over-the-Counter listed Sukuk to the tune of Rs. 2b. The Sukuk has a tenor of 6 years (including 1 year grace period) and funds mobilized will be utilized to meet working capital requirements, funding expansion plans and retirement of existing high cost borrowing. Principal repayment will be made in 20 equal quarterly installments commencing April 7, 2017.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at 92-21-35311861-70 or fax to 92-21-35311873.

Jamal Abbas Zaidi

Applicable Rating Criteria:

Industrial Corporates (Oct. 2003)
Rating the Issue (Sept 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 2016 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