Islamabad—Pakistan Credit Rating Agency (PACRA) has assigned a long-term entity rating of ‘AAA’ (Triple AAA) and short-term rating of ‘A1+’ (A One Plus) to Oil and Gas Development Company Limited (OGDCL). Outlook on the assigned ratings is stable.
These are the highest ratings on respective entity ratings scale. These ratings denote the lowest expectation of credit risk emanating from an exceptionally strong capacity for timely payment of financial commitments.
The ratings reflect OGDCL’s strategic importance to the Government of Pakistan (GoP) for being the largest upstream Oil and Gas company in Pakistan having predominant share of recoverable hydrocarbons reserves and exploration acreage.