KARACHI (PR): JCR-VIS Credit Rating Company Ltd (JCR-VIS) has assigned preliminary rating of ‘AA-’ (Double A Minus) to the proposed Privately Placed Term Finance Certificate (PPTFC) of Rs 500m of Hascol Petroleum Limited (HPL). Outlook on the assigned rating is ‘Stable’.

The proposed TFC issue will have a tenor of 6 months; proceeds of the TFC issue would be placed in a Term Deposit Receipt with a highly rated bank, to be utilized as margin for Letter of Credit. As per the proposed structure, the maturity of the TDR will coincide with the repayment of the TFC issue, which is in bullet form; proceeds of the maturing TDR will be earmarked to be utilized for retirement of the TFC issue.