The Pakistan Credit Rating Agency Limited
21-Feb-24
Analyst
Uswa Sikandar
uswa.sikandar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-23
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-23
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Withdraws Entity Ratings of Cnergyico Pk Limited
| Rating Type | Entity | |
|
Current (21-Feb-24 ) |
Previous (28-Aug-23 ) |
|
| Action | Withdraw | Maintain |
| Long Term | - | A- |
| Short Term | - | A2 |
| Outlook | Stable | |
| Rating Watch | - | Yes |
Subsequent to the management's decision to discontinue the entity ratings of Cnergyico Pk Limited, PACRA withdraws the entity ratings of Cnergyico Pk Limited with immediate effect.
.
About
the Entity
Cnergyico, incorporated in 1995, is listed on the Pakistan Stock Exchange. It is engaged in the manufacturing, production, and sale of a large range of petroleum products via its refinery and marketing segments. The refinery complex of the company comprises two refineries. With the aggregate designed capacity of ~155,000 barrels per day, Cnergyico has the highest refining capacity, in the country. The company is a subsidiary of Cnergyico Mu Incorporated (CMI) which currently holds 70.73% shares in the company, while the rest is spread among Financial Institutions and General Public. Mr. Amir Abbassciy has been the Chief Executive Officer of Cnergyico since January 1, 2017 while Mrs. Uzma Abbassciy is the Chairperson of the Board.