Press Release

VIS Downgrades Entity Ratings of Veda Transit Solutions (Private) Limited

Karachi, March 28, 2025: VIS Credit Rating Company Limited (VIS) has downgraded the entity ratings of Veda Transit Solutions (Private) Limited (‘VTSL’ or ‘the Company’) to ‘D’ (‘Defaulted Obligation’) from ‘BBB/A2’ (‘Triple B’/’A Two’). The rating action reflects the Company’s overdue financial obligations and ongoing negotiations with lenders for facility restructuring. VIS will reassess the ratings upon the conclusion of the restructuring process. The previous rating action was announced on December 13, 2023.































Applicable Rating Criteria:
Industrial Corporates
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 March 28, 2025 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.