Press Release

VIS finalizes rating of Commercial Paper issued by Waves Singer Pakistan Limited

Karachi, November 02, 2021: VIS Credit Rating Company Limited (VIS) has finalized the rating of ‘A-2’ (Single A-Two) assigned to the Commercial Paper (CP) issue of Rs. 1.0b of Waves Singer Pakistan Limited (WSPL). Previous rating action was announced on September 08, 2021.

WSPL has issued rated, unsecured, privately placed CP of Rs. 1.0b. The proceeds of the issue will be utilized by the company to meet working capital requirements; borrowings will not increase as CP will replace other borrowings. The Tenor of the issue is 9 months and will be redeemed at the face value on maturity date (270 days from the issue date). Indicative discount rate is 9-month KIBOR plus 1.75% per annum.

For further information on this rating announcement, please contact Syed Fahim Haider at 042-35723411-13 (Ext: 8006) or the undersigned at 021-35311861-70 (Ext. 201) or email at info@vis.com.pk


Faryal Ahmad Faheem
Deputy CEO


VIS Entity Rating Criteria: Corporates (August 2021)
https://docs.vis.com.pk/docs/CorporateMethodology202108.pdf

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 November 02, 2021 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.