LAHORE ( HAFEEZ REPORT )
The Pakistan Credit Rating Agency (PACRA) has granted an Entity Ratings of Long Term ‘AA’ to Pakistan National Shipping Corporation (PNSC) in February, 2017. This rating has been raised from PNSC’s previous Entity Ratings of Long Term ‘AA-’in 2016.
The Short Term Ratings given to PNSC this year was ‘A1+’, while its 2016 Short Term Ratings was also A1+. PNSC’s Outlook has also remained constant at ‘Stable’. The action advised for PNSC in 2017 is ‘Upgrade’, while last year the advised action was to ‘Maintain’.
As per PACRA’s report, the ratings reflect PNSC’s strong ownership – majority owned by Government of Pakistan and its strategic significance as the country’s flag carrier. On a stand-alone basis, PNSC’s business profile has gained significant strength in recent years and exhibited by continuous improvement in business margins on account of efficient fleet utilization, better pricing strategy and cost management measures taken by the management.