VIS places Entity Ratings of Trust Modaraba on 'Rating Watch-Negative' Status - Press Release issued by VIS Credit Rating Company Limited.
Karachi -- August 27, 2019 (PPI-OT)
Following is the text of press release issued by VIS Credit Rating Company Limited
Quote
VIS Credit Rating Company Ltd. (VIS) has placed the entity ratings of 'BBB-/A-3' (Triple B Minus/A-Three) assigned to Trust Modaraba (TM) on 'Rating Watch-Negative' status. The rating signifies that obligations are likely to be met. Protection factors are capable of weakening if changes occur in the economy. Overall quality may move up or down frequently within this category. Previous rating action was announced on January 26, 2018.
Change in assigned outlook takes into account further weakening in operational and financial profile of the company including continuous attrition in financing portfolio and its earning potential, high infection levels and protracted delays in the planned recapitalization of the company. While, in absolute terms, non-performing portfolio was reported slightly lower, asset quality indicators continue to remain on the higher side.
Moreover, financing portfolio also depicted a declining trend on a timeline basis, given the limited sources of funding for the Modaraba. With limited financial resources to build up the portfolio, bottom line of the company...
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