Re-affirms Entity Ratings Of Matco Foods Ltd. A-/A-2 Rating-Matco
Sumaira FH Published January 02, 2018 | 02:30 PM
JCR-VIS Credit Rating Company Limited has re-affirmed the entity ratings of Matco Foods Limited (MFL) at single A-minus/ A-two
KARACHI, (UrduPoint / Pakistan Point News - 02nd Jan, 2018 ) :JCR-VIS Credit Rating Company Limited has re-affirmed the entity ratings of Matco Foods Limited (MFL) at single A-minus/ A-two. The outlook on the assigned rating is stable.
The previous rating action was announced on April 4, 2017, said press release here on Tuesday. Current ratings reflected MFL's adequate liquidity profile and capitalization levels. The rating incorporated MFL's position as one of the leading rice exporters in the country.
In the past few years, rice exports remained highly competitive amidst availability of subsidized Indian rice in international markets making it relatively difficult for Pakistani exporters to retain market share.
Nonetheless, as per the latest regulation imposed by European Union (EU), import of Basmati rice containing Tricyclazole above a specified threshold level would not be accepted. Given this recent development in the international market, MFL expected to capitalize on this opportunity resulting in higher exports.