LAHORE, May 19: The Pakistan Credit Rating Agency (Pacra) has maintained the long-term entity rating of Pak-Arab Refinery Ltd (Parco) at “AAA” (triple A) and the short-term at “A1+” (single A one plus) for the sixth consecutive year.

A Pacra announcement said here on Monday that Parco continues to be the only company in Pakistan — out of over 100 entities rated by Pacra — that has been assigned an entity rating of “AAA”.

Parco — a joint venture between the Pakistan government (controlling 60 per cent holding) and the Emirates of Abu Dhabi (controlling 40 per cent holding) — is involved in refining, transporting and marketing petroleum products, including unleaded Mogas, in Pakistan.

The entity ratings are applicable to the senior unsecured creditors of the company. These ratings denote the lowest expectation of credit risk and an exceptionally strong capacity for timely payment of financial commitments.

The rating of the secured TFC of Rs2.5 billion has been maintained at “AAA” (triple A).