Press Release

VIS Assigns Final Rating to Commercial Paper of Next Capital Limited

Karachi, December 22, 2021: Upon submission of legal documentation, VIS Credit Rating Company Limited (VIS) has finalized the ratings of ‘A-2’ (A-Two) assigned to Commercial Paper (CP) issue of Rs. 100 million of Next Capital Limited (NCL). The CP has a tenor of 9 months with bullet repayment due in May, 2022. The proceeds are being utilized for working capital requirements of the brokerage business. The CP is expected to be retired largely through internal liquidity management along with the future funding arrangements, if needed. NCL has outstanding entity ratings of ‘A-/A-2’ (Single A Minus/A-Two). Outlook on the assigned ratings is ‘Stable’. Previous rating action was announced on March 10, 2021.

For further information on this rating announcement, please contact Mr. Muhammad Tabish (Ext: 204) or the undersigned (Ext. 201) at 021-35311861-70 or email at info@vis.com.pk




Javed Callea
Advisor

Applicable rating criteria: Methodology - Securities Firms Rating (July 2020)
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/SecuritiesFirm202007.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 December 22, 2021 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.