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The Pakistan Credit Rating Agency Limited
Press Release

Date
10-Jan-25

Analyst
Ali Arslan Malik
Ali.Arslan@pacra.com
+92-42-35869504
www.pacra.com

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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 Maintains Entity Ratings of Tourism Promotion Services (Pakistan) Limited

Rating Type Entity
Current
(10-Jan-25 )
Previous
(12-Jan-24 )
Action Maintain Initial
Long Term AA AA
Short Term A1 A1
Outlook Stable Stable
Rating Watch - -

Tourism Promotion Services (Pakistan) Limited ("TPSP" or "the Company") manages and operates Serena Hotels across Pakistan, including the flagship Islamabad Serena Hotel. A prominent player in Pakistan's hospitality industry, the Company is recognized as a market leader, benefiting from consumer spending and urban development. The Serena brand is synonymous with quality, comfort, and exceptional service delivery, which has contributed to its strong market share in key segments such as Rooms, Food and Beverages, and Spa/Health Club services. TPSP is a Company with financially stable and moderately leveraged capital structure.
TPSP is actively expanding its hotel portfolio through new developments, renovations, and upgrades, all while upholding a strong commitment to environmental sustainability. Considering macroeconomic conditions and industry competition, the Company's ratings are reliant on its ability to sustain operational stability, optimize occupancy and profitability, and effectively manage financial risks. Furthermore, the Company’s ability to meet scheduled repayments remains essential to complement its ratings.

About the Entity
Tourism Promotion Services (Pakistan) Limited, established on March 19, 1969, operates as an unlisted public company. The Company is governed by a seven-member Board of Directors, with Mr. Aziz Boolani serving as the Chief Executive Officer. With over 35 years of experience in the industry, Mr. Boolani brings momentous expertise to the role. TPSP is a key player in Pakistan's hospitality sector, managing nine Serena Hotels and Resorts across the country, as well as a Business Complex in Islamabad. During the year 2024, the Company commissioned Hunza Serena Hotel (82 rooms property) whereas Sost Serena Hotel (52 rooms property) is expected to be commissioned during the year 2025. The Company's registered office is located in Islamabad.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.