September 9, 2003	Tuesday	Rajab 11, 1424

LAHORE, Sept 8: The Pakistan Credit Rating Agency (Pacra) has maintained the rating of the securitized TFC A issue of Rs840 million of Securetel SPV Ltd at “A” (single A).

The rating denotes a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.

While assigning the rating, Pacra has taken note of the high quality of underlying purchased receivables of Paktel Ltd and the availability of robust safety margins to TFC A holders based on their senior right on collections of securitized receivables.

Meanwhile, a press release of the company said Kunjah Textile Mills has been assigned a medium to long term entity rating of BBB-(Triple B minus) and short term rating of A-3 (A three) by JCR-VIS Credit Rating Company Limited (JCR-VIS). The outlook on the medium to long term rating is stable.

The company, however, removed the entity ratings of BBB+/A-3 and TFC rating of A- assigned to Al Zamin Modaraba from the ‘rating watch’ following completion of formalities with reference to the merger of First Professionals Modaraba with Al-Zamin. Henceforth, the outlook on Al-Zamin’s medium to long term rating is stable.