Press Release
VIS assigns Preliminary Rating to Short Term Sukuk-1 of Cnergyico PK Limited
Karachi, September 09, 2026: VIS Credit Rating Company Limited (VIS) has assigned a preliminary rating of ‘A1(plim) to the Short Term Sukuk-1 (STS-1) Issue of PKR 5 billion of Cnergyico PK Limited (‘Cnergyico’ or the ‘Company’). The short-term rating of ‘A1(plim)’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. The entity rating of Cnergyico is ‘A-/A2’ (‘A Minus/A Two’) with a ‘Stable’ outlook. Rating to be finalized on review of executed documents.
Cnergyico PK Limited, incorporated in 1995 and listed on the Pakistan Stock Exchange (PSX), is an integrated energy company engaged in oil refining and petroleum marketing. The Company operates two refineries and maintains a nationwide retail network, supported by its storage, distribution and Single Point Mooring (SPM) infrastructure.
The rating is supported by the security structure and repayment mechanisms embedded in the instrument, including a ranking charge over current assets, a Sukuk Payment Account (SPA) under lien of the Investment Agent and progressive funding of the SPA during the sixth month with the requirement to maintain funds equivalent to the full Sukuk amount seven (7) days prior to maturity. The structure further requires monthly throughput equivalent to three times (3x) the Sukuk amount, with monthly monitoring of collection accounts by the Investment Agent and simultaneously sharing the same reporting of throughput with VIS, providing enhanced visibility and surveillance over cash flows available for Sukuk repayment.
Pakistan’s refining sector witnessed higher production during FY26, with profitability improving mainly in the second half, supported by significant crack spreads amid rising crude oil prices following the geopolitical disruption. However, the subsequent reversal in crude oil prices will witness the adjustment in 4QFY26, albeit, overall profitability remained stronger than FY25.
Rating also considers the Company’s higher production and improved profitability during FY26, supported by increased throughput and petroleum sales. The Company’s capitalization profile has also improved, although liquidity remains sensitive to the working-capital-intensive nature of the business.
For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk.
Applicable Rating Criteria:
VIS Entity Rating Criteria Methodology – Corporates Ratings
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
Instrument Ratings
https://docs.vis.com.pk/Methodologies-2026/IRM-2026.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf