Pakistan Credit Rating Agency and Nespak Maintain ‘PG3+’ project grading of Centre point Karachi


Lahore: The grading indicates good overall project execution capacity. The grading reflects the engagement of reputed project consultants supplemented by a rental yield based model, more suitable to current operating environment. The grading incorporates slow project progress, mainly due to stressed availability of requisite funds, which has led to delays in timely completion. However, the management’s recent funding plan is expected to alleviate liquidity constraints and spur construction activities.

The grading is dependent on the management’s effectiveness in timely finalizing the proposed loan facility to meet funding requirements. Adherence to revised project timelines is critical as any variation in construction activities, leading to further delays in completion, would have a negative grading impact.

For more information, contact:
Hammad Rashid
Analyst
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425
Email: hammad.rashid@pacra.com
Web: www.pacra.com