KARACHI: JCR-VIS Credit Rating Company Ltd (JCR-VIS) has upgraded the entity ratings of Hascol Petroleum Limited (HPL) to ‘AA-/A-1’ (double A minus/A-one) from ‘A+/A-1’ (single A plus/A-one). Rating of HPL’s secured Sukuk issue of Rs2 billion has also been upgraded to ‘AA’ (double A) from AA- (double-A-minus). Outlook on the assigned ratings is ‘stable’.
The ratings reflect increasing market share, significant ongoing and projected investment in infrastructure [storage, retail footprint and supply chain] which will facilitate in sustaining growth momentum. The profitability of the company is expected to depict strong growth on the back of the volumetric increase in sales as sizeable new storage capacities will be operational in FY18 and FY19.
