Maple Leaf TFC’s rating upgraded

LAHORE: The Pakistan Credit Rating Agency (PACRA) has upgraded rating of the secured TFCs of Rs 250 million of Maple Leaf Cement Factory Limited (MLCFL) to ‘A’, a press release of PACRA said here on Friday. The rating denotes a low expectation of credit risk, and a strong capacity for timely payment of financial commitments, it said, and added that the rating reflects the improving trend in performance and consequentially in cash flows. The improvement is a result of price stability, reduction in fuel costs, better capacity utilization and decline in financial charges due to substitution of expensive foreign currency debt by low cost local currency loans with longer grace period and tenor, it said. —Staff Report

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