The medium to long-term rating of `A' denotes good credit quality with adequate protection factors. Moreover, the risk factors may vary with possible changes in economy. The short-term rating of `A-2' denotes good certainty of timely payment coupled with sound company fundamental and liquidity factors. Outlook on the assigned ratings is stable, said press release on Tuesday.

WSPL, the holding company, is principally engaged in retailing and trading of domestic consumer appliances and other light engineering products, besides the manufacturing and assembling of the same.

The ratings take into account consolidated numbers of all group companies and incorporate that the marketing arrangements, having positive impact on consolidated gross margins, will continue within the group companies.

The assigned ratings of WSPL also take into account considerable market penetration of its two brands, Waves and Singer within the consumer durable industry of Pakistan.