Press Release
VIS Revises Instrument Rating of Agha Steel Industries Limited’s Sukuk 3 Issue
Karachi, May 22, 2024: VIS Credit Rating Company Limited has assigned a 'D' ('Single D') to the instrument rating of Agha Steel Industries Limited’s ('ASIL' or 'the Company') Sukuk 3 issue. Medium to long term rating of 'D' indicates that the Company has defaulted on its obligations for this instrument. Previous Rating action was announced on April 01, 2024.
Agha Steel Industries Limited was established in Pakistan on November 19, 2013, as a private limited company. On April 07, 2015, ASIL transitioned to a public limited company. The Company was listed on the Pakistan Stock Exchange through an IPO in November 2020. The central operation of ASIL’s business is focused on the production and sale of steel bars, wire rods, and billets. The Company's registered office and manufacturing facilities are located at Port Qasim Authority, Karachi.
The rating placement on Default is on account of non-payment of its obligations on its outstanding Sukuk. Subsequently, the company is in the process of a debt restructuring exercise with the financial institutions including the subject Sukuk. Going forward, the rating may consider the successful conclusion of the restructuring process.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria: Corporates:
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
Rating the Issue
https://docs.vis.com.pk/docs/Rating-the-Issue-Aug-2023
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf