April 2, 2003	Wednesday	Muharram 29, 1424

KARACHI, April 1: JCR-VIS credit rating company has assigned preliminary rating of single A minus to the proposed TFC issue of Rs700 million of the Pakistan Services Limited. This initial rating will be converted into final rating after examination of all signed legal documents. The outlook on this rating is stable, says a press release.

The proposed TFC issue is for the purpose of debt re-profiling and is expected to enhance the PSL’s debt coverage to satisfactory levels. This TFC issue will be for five years with a grace period of 18 months.