VIS Maintains Ratings Of IIL

VIS Credit Rating Company Limited has maintained the entity ratings of double A minus/A-One assigned to International Industries Limited

KARACHI, (UrduPoint / Pakistan Point News - 20th Oct, 2020 ) :VIS Credit Rating Company Limited has maintained the entity ratings of double A minus/A-One assigned to International Industries Limited.

The medium to long-term rating of 'AA-' denotes high credit quality coupled with strong protection factors. Moreover, risk factors may vary slightly 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 has been placed on 'Rating Watch-Negative' status. Previous rating action was announced on June 21, 2019, said release on Tuesday.

The rating takes into consideration the consistent slide in profitability indicators; in fiscal year 2019-20, IIL's gross margin dropped from 10.9% to 7.2%, which was notably lower on a timeline.