VIS Downgrades Ratings of Hantex

Karachi, November 17, 2022 (PPI-OT):In view of the operational developments which would have an impact on the risk profile of the Company, VIS Credit Rating Company Limited (VIS) has downgraded entity ratings of Hantex to ‘BB+/B’ (Double B Plus/Single B) from ‘BBB+/A-2’ (Triple B Plus / A-Two). The medium to long-term rating of ‘BB+’ denotes that obligations are deemed 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. The short-term rating of ‘B’ denotes speculative investment characteristics; Liquidity may not be sufficient to ensure timely payment of obligations.

Assigned ratings have been placed on ‘Rating Watch-Negative’ till such time up to date information regarding operational and financial position of the Company has been obtained and reviewed by VIS. The last rating action was announced on April 21, 2022.

For more information, contact:
Director Compliance and Rating Analytics,
VIS Credit Rating Company Limited
VIS House, 128/C, 25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi, Pakistan
Tel: +92-21-35311861-72
Fax: +92-21-35311873