Press Release

Ratings of Shajar Roads Limited

Karachi, September 25, 2019: VIS Credit Rating Company Limited (VIS) has placed the entity ratings of Shajar Roads Limited (SRL) under ‘Rating Watch-Developing’ status in the view of delay in financial close of dualization project of the existing single track 43km Sheikhupura - Gujranwala Road (SGR) mainly due to pending finalization of “Project License Agreement” and some other factors, upon completion of which ratings would be reviewed. SRL currently has entity ratings of ‘A/A-2’ (Single A/A-Two). The medium to long-term rating of ‘A’ denotes good credit quality coupled with adequate protection factors. The short-term rating of ‘A-2’ denotes good certainty of timely payments. Liquidity factors and company fundamentals are considered sound. The previous rating action was announced on January 04, 2018.

For further information on this rating announcement, please contact undersigned or Mr. Maimoon Rasheed at 021-35311861-70/042-35723411 or fax to 021-35311872-3.


Javed Callea
Advisor

VIS Entity 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 September 25, 2019 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.