VIS Reaffirms Ratings Of Grays Leasing Ltd

VIS Credit Rating Company Limited has reaffirmed Entity Ratings (ER) assigned to Grays Leasing Limited at double B Minus/Single B

KARACHI, (UrduPoint / Pakistan Point News - 11th Dec, 2019 ) :VIS Credit Rating Company Limited has reaffirmed Entity Ratings (ER) assigned to Grays Leasing Limited at double B Minus/Single B.

The medium to long-term rating of double minus denotes that obligations deemed likely to be met. Protection factors are capable of weakening if changes occur in the economy. Overall quality may move up or down frequently within this category.

The short-term rating of "B" denotes speculative investment characteristics; liquidity may not be sufficient to ensure timely payment of obligations.

Outlook for the assigned rating is "Stable". Previous ratings were announced on December 31, 2018, said a press release on Wednesday.

Ratings assigned to GLL take into account its weak financial risk profile; the company continues to face challenges of low business volume, limited funding avenues and chronic legacy portfolio of non-performing leases against which recoveries have lately remained minimal; a large part of the same has also remained un-provided.