Karachi, October 15, 2018 (PPI-OT): JCR-VIS Credit Rating Company Limited (JCR-VIS) has suspended the entity ratings of ‘A+/A-1’ (Single A Plus/A-One) assigned to Jamshoro Joint Venture Limited (JJVL) with immediate effect. We have been informed by the company that their operations have been suspended owing to suspension of gas supply arrangements from Sui Southern Gas Company Limited (SSGCL).
According to the management, the company has finalized a new gas supply arrangement with SSGCL and the details of said arrangement have been submitted to the Honorable Supreme Court of Pakistan (SC). In view of the exogenous circumstances beyond the control of the company, the ratings assigned to the company have been placed on “suspension” pending order of the Apex Court for resumption of operations.
The rating will be updated upon restoration of operations while taking into account the renewed terms and conditions of the revised working arrangement. Previous rating action was announced on March 28, 2018.
For more information, contact:
CFA
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk