VIS Upgrades Short-term Rating Of Waves Singer Pakistan

VIS Credit Rating Company Limited has upgraded the short-term Entity Rating of Waves Singer Pakistan Limited from A-Two to A-One while maintaining the medium to long-term rating at single A

KARACHI, (UrduPoint / Pakistan Point News - 21st Nov, 2019 ) :VIS Credit Rating Company Limited has upgraded the short-term Entity Rating of Waves Singer Pakistan Limited from A-Two to A-One while maintaining the medium to long-term rating at single A.

The medium to long-term rating of "A" denotes good credit quality, with adequate protection factors. Moreover, risk factors may vary with possible changes in the economy. The short-term rating of "A-1" denotes high certainty of timely payment, liquidity factors are excellent and supported by good fundamental protection factors. Outlook on the assigned ratings is stable. The previous rating action was announced on September 24, 2018, said a press release on Thursday.

WSPL, the holding company, is principally engaged in retailing and trading of domestic consumer appliances and other light engineering products, besides the manufacturing and assembling of the same.

The ratings take into account consolidated numbers of the wholly owned marketing companies and incorporate that the marketing arrangements, having positive impact on consolidated gross margins, will continue.

The assigned ratings take into account strong brand recognition and considerable market penetration of WSPL into the consumer durable industry of Pakistan, particularly in the deep freezer, refrigerator and sewing machine categories.

The ratings take into account extensive experience of senior management.

Going forward, the company intends to enhance operations by expandingits market penetration across key product categories.