VIS Assigns Entity,TFCs/Sukuk Ratings To GKRBL
Muhammad Irfan Published October 23, 2020 | 04:58 PM
VIS Credit Rating Company Limited has assigned preliminary rating of double A to the proposed TFCs/Sukuk issue of Ghotki Kandhkot Road & Bridge (Private) Limited
KARACHI, (UrduPoint / Pakistan Point News - 23rd Oct, 2020 ) :VIS Credit Rating Company Limited has assigned preliminary rating of double A to the proposed TFCs/Sukuk issue of Ghotki Kandhkot Road & Bridge (Private) Limited. The long term rating of 'AA' signifies high credit quality; protection factors are strong.
Risk is modest but may vary slightly from time to time because of economic conditions. The company has also been assigned initial entity ratings of single A/A-2. The long-term rating of 'A' signifies good credit quality; protection factors are adequate. Risk factors may vary with possible changes in the economy, said release on Friday.
The short-term rating of 'A-2' indicates good certainty of timely payment. Liquidity factors and company fundamentals are sound. Access to capital markets is good. Risk factors are small. Outlook on the assigned ratings is stable.
GKRBC has been established to develop two sections of the road located at Ghotki-Kandhkot site of Sindh. This project will connect N-5 and N-55 between Ghotki on one side and Kandhkot on the other side of River Indus and end on existing by-pass of Indus Highway, N-55.
Post construction of this road, distance traveled by the commuters would be reduced by two third in comparison to the alternate route, while time traveled would also be reduced by two hours. The project will be established under the Public Private Partnership regime on Design, Finance, Build, Operate and Transfer basis. GKRBC has entered into Concession Agreement with Government of Sindh for a period of 28 years. Out of which construction period is up to three-years and operations and maintenance period is up to twenty-five years.
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