October 31, 2003	Friday	Ramazan 4, 1424

KARACHI, Oct 30: JCR-VIS credit rating company says it has upgraded the medium to long-term rating of Crescent and Allied Products Ltd. to single A plus from single A with stable outlook. The short-term rating has been maintained at single A one, says a press release.

“The upgrade is based on the consistently strong financial performance of the company indicated by increased profitability from both core operations (steel) as well as from investments, which led to a strong equity-base and healthy cashflows.”

However, the company’s cotton division continues to be in losses despite considerable investment made in its refurbishment.

“Cyclical nature of the steel and cotton industry also remains an issue although going forward the increased investment in oil and gas industry is expected to sustain the company’s profitability in steel pipe business.”