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Pacra withdraws Sapico's ratings

KARACHI: The Pakistan Credit Rating Agency (PACRA) has withdrawn double a minus (AA-) and A one plus (A1+) for Saudi Pak Industrial and Agricultural Investment Company (SAPICO).

According to the release of the PACRA, the ratings of AA- and A1+ were based on evaluation of the credit quality of the company and the review of the audited accounts of the company for the year ended December 31, 1998. As per the standard practice of PACRA, consistent with the global practice, ratings are subject to continuous monitoring and review.

This process includes one formal annual review following release of the year's audited accounts. The SAPICO has, however, advised PACRA that it is not inclined to offer itself for that formal review. As such, the rating relationship stands terminated and the ratings are withdrawn with immediate effect.