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Karachi, August 18, 2023 (PPI-OT): VIS Credit Rating Company Limited (VIS) has been informed that Shakarganj Food Products Limited, is in the process of restructuring /re-profiling the outstanding Sukuk. Since VIS does not have complete information on the new terms and conditions, the subject instrument rating has been suspended, with immediate effect. VIS will review the rating on receipt of complete information, which is expected by end of September 2023.
Given weakening in financial profile of the Company, entity ratings have been downgraded from BBB+/A-2 to BBB-/A-3 with Negative Outlook. Previous rating action was announced on March 02, 2023.
For further information on this rating announcement, please contact the undersigned at 021-35311861-66 (Ext. 207) or email at info@vis.com.pk
For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: bilal@jcrvis.com.pk
Website: https://www.vis.com.pk/
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