August 19, 2003	Tuesday	Jumadi-us-Sani 20, 1424

KARACHI, Aug 18: JCR-VIS credit rating company has assigned final to medium to long term rating of A to the proposed securitized TFC issue of Rs1 billion of First Oil & Gas Securitization Company, says a press release. The company is a special purpose vehicle formed under the Asset Backed Securitization Rules 1999. The outlook on the rating is stable.

The proposed TFCs are based on securitization of future receivables i.e. proceeds of oil, gas and LPG production of designed fields of Orient Petroleum Inc. — Pakistan Branch and are expected to provide adequate debt servicing coverage.

The tenor of the proposed TFCS will be thirty-nine months. The redemption payments will be monthly with an initial three months grace period on principal and interest payment.