JCR-VIS rates BRR Guardian Modaraba TFCs at D.
BANKING AND CREDIT NEWS-13 July 2010-JCR-VIS rates BRR Guardian Modaraba TFCs at D(C)1994-2010 M2 COMMUNICATIONS http://www.m2.com
13 July 2010 - Pakistan's JCR-VIS said it set a D rating to the entity and privately placed musharikah term finance certificates (TFCs) of PKR800m (USD9.3m/EUR7.4m) issued by BRR Guardian Modaraba (KAR:BRR), or BGM.
The action was taken due to overdue markup payments. The principal payments are scheduled to commence in January 2011.
JCR-VIS had downgraded the entity rating on BGM to BBB/A-3 and the rating on the privately placed musharikah TFCs to BBB+ with a "negative" outlook on 23 June 2010. At the time of the recently concluded review, the agency had noted the presence of adequate cash and liquid assets to pay off the markup payment falling due on 7 July 2010.
The company has requested restructuring of its outstanding sukuk. The ratings may be revisited once the restructuring exercise is completed.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jul 13, 2010|
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