PACRA Maintains Rating of Byco Petroleum Pakistan Limited
Lahore, December 07, 2018 (PPI-OT): The rating reflects Unconditional and Irrevocable Credit Guarantee available to Sukuk holders from a multilateral guarantor – GuarantCo. Limited, rated AAA (May’18) by PACRA. The guarantee covers 100% of issue amount (principal). The issuer maintains and efficiently manages ‘Debt Service Reserve Account’ (DSRA) under lien of the Security Trustee whereby the installments (Principal plus Profit) are being made regularly prior to due date. During the current period, the issuer ensured (a) an amount equivalent to two upcoming Rental payments (profit only) is maintained in the DSRA at all times during the tenor of the Sukuk Issue, and (b) each Redemption amount (principal), is deposited in the DSRA 55 days prior to the relevant Redemption Date.
In case the issuer is unable to fund the installment on the funding date, a 30 days cure period will be given to the issuer. Simultaneously, the guarantor will be informed. If DSRA is not replenished in the stipulated time, the trustee will call the guarantee to settle the total outstanding principal amount. In any case, the guarantor would ensure that requisite amount is filled in DSRA not later than 5 business days before the due date. Meanwhile, profit would be settled through already held Rental Payment.
For more information, contact:
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425