Press Release

VIS Withdraws Sukuk 1 rating of Agha Steel Industries Limited

Karachi, August 16, 2023: VIS Credit Rating Company Limited (VIS) has withdrawn the instrument rating of Agha Steel Industries Limited (ASIL)’s Sukuk 1 on account of redemption through exercise of call-option on August 11, 2023. The Sukuk was issued on October 09, 2018. Assigned instrument rating was ‘A+’ (Single A Plus) with a ‘Rating Watch – Developing’ outlook. Last rating action was announced on April 20, 2023.

For further information on this rating announcement, please contact Ms. Asfia Amanullah (Ext: 212) or the undersigned (Ext: 201) at 021-35311861-71 or email at info@vis.com.pk.



Sara Ahmed
Director

VIS Entity Rating Criteria: Corporates (May 2023)
https://docs.vis.com.pk/docs/CorporateMethodology.pdf

VIS Issue/Issuer Rating Scale:
https://docs.vis.com.pk/docs/VISRatingScales.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 August 16, 2023 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.