VIS Maintains ER Of Novatex

KARACHI, (UrduPoint / Pakistan Point News - 22nd Jul, 2022 ) :VIS Credit Rating Company Limited has maintained the entity rating of double A/A-one plus assigned to Novatex Limited.

Outlook on the assigned ratings has been revised from stable to rating watch developing, said a press release on Friday.

The long-term rating of 'AA' reflects high credit quality, and strong protection factors.

Risk is modest but may vary slightly from time to time because of economic conditions. The short term rating of 'A-1+' short term liquidity, including internal operating factors and/or access to alternative source of funds, is outstanding and safety is just below risk free Government of Pakistan's short term obligations. Previous rating action was announced on July 29, 2021.

The revision in rating outlook incorporates recent public announcement whereby Novatex has expressed intention to acquire 75.01% shares of Lotte Chemical Pakistan Limited.