Press Release

VIS Suspends Entity Ratings of Magna Textile Industries (Pvt.) Limited

Karachi, March 15, 2024: VIS Credit Rating Company Limited (VIS) has suspended the entity ratings of ‘BBB/A-2’ (Triple B/A-Two) assigned to Magna Textile Industries (Pvt.) Limited (MTIL), with immediate effect on account of pending information for ratings analysis. Ratings will be reassessed as and when the required information becomes available. Previous rating action was announced on March 16, 2023.

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
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 15, 2024 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.