KARACHI: VIS Credit Rating Company Limited has assigned initial entity ratings of double A minus/A-One to Pak Telecom Mobile Limited. The medium to long-term rating of ‘AA- ’ denotes high credit quality coupled with strong protection factors. Moreover, risk factors may vary slightly with possible changes in the economy. The short-term rating of ‘A-1’ denotes high certainty of timely payment, liquidity factors are excellent and supported by good fundamental protection factors. Outlook on the assigned ratings is stable, said release on Friday.
PTML provides cellular mobile telephony and wireless broadband internet services in Pakistan under the brand name ‘Ufone 4G’. The company is a wholly-owned subsidiary of Pakistan Telecommunication Company Limited .
As a result of privatization of PTCL during 2006, 26% of PTCL shares along with the management control were acquired by UAE-based Emirates Telecommunications Group PJSC (e&) while Government of Pakistan retained 62.2% stake in PTCL.