VIS reaffirms ratings of Saudi Pak IAICL

Observe Report

VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Saudi Pak Industrial and SAPICO at ‘AA+/A-1+’ (Double A Plus/A-One Plus).

The medium to long-term rating of ‘AA+’ denotes high credit quality, with strong protection factors. Moreover, risk factors are modest but may vary slightly with possible changes in the economy.

The short-term rating of ‘A-1+’ denotes highest certainty of timely payment, liquidity factors are outstanding and safety is just below risk free short-term obligations of Government of Pakistan.

Outlook on the assigned rating is ‘Stable’. The previous rating action was announced on June 10, 2020.

Ratings assigned to Saudi Pak Industrial and Agricultural Company Limited (Saudi Pak) take into account its strong shareholders’ profile, with two sovereigns, GoP and Kingdom of Saudi Arabia KSA.

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