July 22, 2003	Tuesday	Jumadi-ul-Awwal 21, 1424

LAHORE, July 21: The Pakistan Credit Rating Agency (Pacra) has maintained the ratings of both the secured TFCs of Rs348 million and Rs1.600 billion of the Pakistan PTA Ltd (PPTA) at “A” (single A).

A Pacra announcement said on Monday the ratings denoted a low expectation of credit risk and represent a positive outlook.

The announcement said the ratings primarily based on the comfort drawn from ICI Pakistan’s guarantee of the PPTA’s TFC obligations as the company’s cash flows were not sufficient to fully meet its debt liabilities.