Press Release

JCR-VIS assigns final rating to Sukuk issue of Hascol Petroleum Limited

Karachi, January 08, 2016: Upon submission of legal documentation, JCR-VIS Credit Rating Company Limited has finalized the ratings of ‘AA-’ (Double A Minus) assigned to Sukuk issue of Rs. 2billion of Hascol Petroleum Limited (HPL). HPL has outstanding entity ratings of ‘A+/A-1’ (Single A Plus/A-One). Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on November 06, 2015.

HPL has issued a privately placed Over-the-Counter listed Sukuk to the tune of Rs. 2b. The Sukuk has a tenor of 6 years (including 1 year grace period) and funds mobilized will be utilized to meet working capital requirements, funding expansion plans and retirement of existing high cost borrowing. Principal repayment will be made in 20 equal quarterly installments commencing April 7, 2017.

For further information on this rating announcement, please contact the undersigned (Ext: 516) or Mr. Javed Callea (Ext: 501) at 92-21-35311861-70 or fax to 92-21-35311873.



Jamal Abbas Zaidi
Advisor



Applicable Rating Criteria:

Industrial Corporates (Oct. 2003) http://www.jcrvis.com.pk/images/IndustrialCorp.pdf
Rating the Issue (Sept 2014) http://www.jcrvis.com.pk/Images/criteria_instrument.pdf

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