KARACHI: JCR-VIS Credit Rating Company Limited has assigned initial bank loan rating of triple B minus to Elite Estates (Pvt.) Limited's (EEPL) Rs.3 billion bank loan facility.
The facility is obtained to fund the construction and development of residential and commercial venture Eighteen located near Islamabad -Lahore motorway, said a statement on Wednesday.
The assigned rating draws comfort from the sound sponsors' profile coupled with relevant expertise in the industry. The sponsors have considerable experience in infrastructure projects and are considered to be financially sound.
The rating also derives strength from complete acquisition of development land for the entire project. However, the rating remains constrained on account of relatively high business risk emanating from delay in project launch thereby leading to heightened risk of completion.
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