KARACHI, May 26: The JCR-VIS Credit Rating Company has assigned initial medium- to long-term rating of single A and short term rating of A-one to Pakistan Steel Mills Corporation, says a press release. The outlook on medium to long term rating is “stable”.

PMC, a state-owned corporation is the only steel producing unit in Pakistan with a capacity of 1.1 million tons per year while the total demand in the country stands around 4 million tons.

EFU Insurance: The rating company also upgraded the Insurer Financial Strength rating of EFU General Insurance to double A, with a “stable” outlook from double A minus with a “positive” outlook, says a press release. EFU is the second largest private sector insurance company in Pakistan and it currently has a market share of over 30 per cent.