Press Release

JCR-VIS revises Rating of the Sukuk of Quetta Textile Mills Ltd.

Karachi, Aug 07, 2008: JCR-VIS Credit Rating Company Limited (JCR-VIS) had placed the rating of ‘A-’ (A minus) assigned to the Rs. 1.385 billion Sukuk of Quetta Textile Mills Limited (QTML) on ‘Rating Watch – Developing Status’ in March 2009.

The rating assigned to the Sukuk entailed credit enhancement in form of a corporate guarantee of Rs. 200m from an at least ‘A’ rated financial institution. However, the security structure of the Sukuk has weakened as the rating of the present guarantor, First Dawood Investment Bank Limited, is currently below the requisite level.

In view of the above, JCR-VIS has revised the medium-to-long term rating of the Sukuk issue from ‘A-’ (A minus) to ‘BBB+’ (Triple B plus) with ‘Stable’ outlook.

For further information on this rating announcement, please contact Mr. Safdar Kazi (safdar@jcrvis.com.pk) or Ms. Sabeen Saleem (sabeen@jcrvis.com.pk) at 021-5311861 or fax to 021-5311873.


Faheem Ahmad
President & CEO

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 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 August 07, 2009 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.