The Pakistan Credit Rating Agency (Pacra) affirms "AA" (Double A) rating of four TFCs transferred from Engro Chemical Pakistan Limited to Engro Fertiliser Limited (EFL) after the recent de-merger. The rating denotes a very low expectation of credit risk emanating from a very strong capacity for timely payments of financial commitments.

The rating reflects EFL's low business risk resulting from a robust - indeed growing demand of urea in the domestic market. In addition, the rating recognises an implicit support from the parent - Engro Corporation Limited - as and when needed.-PR

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