KARACHI (PR): JCR-VIS Credit Rating Company Ltd. (JCR-VIS) has upgraded the entity ratings of Hascol Petroleum Limited (HPL) from ‘A-/A-2’ (Single A Minus/A-Two) to ‘A+/A-1’ (Single A Plus/A-One). Outlook on the assigned ratings is ‘Stable’.
The rating action takes into account improvement in both financial and business risk profile of the company.
 The company has raised Rs. 1 billion during the book building process while another Rs. 400 million is expected to be generated during the Initial Public Offering (IPO); the amount of IPO is underwritten. This is expected to enhance availability of credit facilities.
Development of requisite infrastructure and an integrated supply chain network will be a competitive advantage for HPL vis-à-vis third party marketers. The business plan of HPL envisages storage facilities at strategic locations, keeping in view discharge points of White Oil Pipeline (WOP) and Mahmood Kot-Faisalabad-Machike (MFM) pipeline.