Press Release

VIS assigns final rating of ‘AA’ to facility of Avari Hotels Limited

Karachi, April 10, 2020: Subsequent to the execution of legal documents, VIS Credit Rating Company Limited has finalized the rating of ‘AA’ (Double A) assigned to the facility issued by Avari Hotels Limited (AHL), amounting to Rs. 4.3b (Rs. 2b of Islamic Musharaka and Rs. 2.3b of conventional financing). Outlook on the rating is ‘Stable’. The preliminary rating for the facility was announced on September 17, 2018.

AHL issued this facility in October 2019. Repayment of the facility is going to be made over tenure of 8 years.

For further information on this rating announcement, please contact the undersigned (Ext: 201) or Ms. Muniba Abdullah, CFA (Ext: 215) at 021- 35311861-66 or email at info@vis.com.pk.


Faryal Ahmad Faheem
Deputy CEO

Applicable Rating Criteria: Corporates (May 2019)
https://www.vis.com.pk/kc-meth.aspx

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 April 10, 2020 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.