Pakistan Credit Rating Agency Limited Upgrades Project Grading Of Centrepoint Karachi

Lahore, June 14, 2012 (PPI-OT): The Pakistan Credit Rating Agency (PACRA) has upgraded Project Grading of Centrepoint Karachi to ‘PG2-’ (PG two minus), [Previous: PG3+]. The grading denotes prospects of execution of the real estate project as per plan and the ability to transfer ownership as per terms are highly promising.

The grading indicates the improved project execution capacity. Although Centrepoint has observed revision in its completion plan, the project with the availability of requisite funds is expected to be completed by end-2012. Moreover, the grading reflects the engagement of reputed project consultants supplemented by a rental yield based model, more suitable to current operating environment.

The management’s ability to successfully execute the project completion timeline remains crucial. Any variation in construction activities, leading to further delays in completion, would have a negative grading impact.

For more information, contact:
Hammad Rashid
The Pakistan Credit Rating Agency Limited (PACRA)
Awami Complex, FB1, Usman Block New Garden Town,
Lahore – Pakistan
Tel: +9242 586 9504 -6
Fax: +9242 583 0425

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