Pakistan Credit Rating Agency Limited Withdraws Ratings of Pace (Pakistan) Limited

Lahore, July 19, 2012 (PPI-OT): The Pakistan Credit Rating Agency Limited (PACRA) has withdrawn the entity rating (“D”) of Pace (Pakistan) Limited (Pace). The rating (“D”) of issues (TFC: PKR l,500mln; Sukuk : PKR 400mln) by Pace has also been withdrawn.

PACRA attempts to keep its rating opinion current by analyzing relevant information. Given distressed profile of the company, and disarryed structure of financial obligations, it is difficult to formulate a valid opinion on Pace. Hence, PACRA withdraws its ratings. PACRA would update its opinion as soon as requisite information becomes available for formation of a valid rating opinion.

For more information, contact:
Hammad Rashid
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