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Press Release

VIS Downgrades Ratings of Noor Fatima Fabrics (Private) Limited

Karachi, October 27, 2022: On account of operational developments of material nature, VIS Credit Rating Company Limited (VIS) has downgraded entity ratings of Noor Fatima Fabrics (Private) Limited (NFFL) to ‘BB/B’ (Double B /Single B) from ‘BBB+/A-2’ (Triple B Plus / A-Two). The medium to long-term rating of ‘BB’ denotes that obligations are deemed likely to be met. Protection factors are capable of weakening if changes occur in the economy. Overall quality may move up or down frequently within this category. The short-term rating of ‘B’ denotes speculative investment characteristics; Liquidity may not be sufficient to ensure timely payment of obligations.
Assigned ratings have been placed on ‘Rating Watch-Negative’ till such time up to date information regarding operational and financial position of the Company has been obtained and reviewed by VIS. The last rating action was announced on December 31, 2021.

For further information on this rating announcement, please contact the undersigned at 021-35311861-70 (Ext. 207) or email at info@vis.com.pk







Sara Ahmed
Director

VIS Entity Rating Criteria: Corporates (August 2021)
https://docs.vis.com.pk/docs/CorporateMethodology202108.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 October 27, 2022 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.