Amtex Sukuk assigned 'D' rating

JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned a 'D' rating to the five-year privately placed Sukuk of Rs 65O million issued by Amtex Limited (Amtex) on account of non-payment of its latest instalment due. The previous rating of 'A' assigned to the TFC was based on the Sukuk being fully secured by a bank guarantee.
The guarantee, which has not yet been called, can be enforced by the investors, through the trustee under the mechanism laid down in the trust deed to the issue.-PR