Update on ratings assigned to PGP Consortium Limited - Press Release issued by VIS Credit Rating Company Limited.

 
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Karachi -- October 31, 2019 (PPI-OT)

Following is the text of press release issued by VIS Credit Rating Company Limited

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VIS Credit Rating Company Limited (VIS) had placed the entity ratings of 'A-/A-2' (Single A Minus/A-Two) assigned to PGP Consortium Limited (PGPC) and 'BBB' (Triple B) assigned to its preference shares under 'Rating Watch-Developing' status on September 17, 2019.

Subsequent to the above announcement, Pakistan LNG Terminals Limited (PLTL), with which PGPC has an offtake agreement for LNG, has served a Termination Notice of Operation and Services Agreement to the latter on account of Adequate Assurance of Performance required by PLTL.

The dispute resolution under clause 37 of the Agreement, has commenced amongst both parties to resolve the issue of adequate assurance of performance security amicably within 90 days from the time dispute...

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