KARACHI:VIS Credit Rating Company Limited has finalized rating of single A-Two assigned to the Commercial Paper (CP) issue of Rs 1 billion of Waves Singer Pakistan Limited.
Outlook on the assigned rating is stable. Previous rating action was announced on Sept. 08, 2021, said release on Thursday.
WSPL has issued rated, unsecured, privately placed CP of Rs 1 billion. The proceeds of the issue will be utilized by the company to meet working capital requirements; borrowings will not increase as CP will replace other borrowings.
The tenor of the issue is 9 months and will be redeemed at the face value on maturity date (270 days from the issue date).
Indicative discount rate is 9-month KIBOR plus 1.75% per annum.