3 JS entities downrated, placed on watch list

Jehangir Siddiqui Group’s three leading enterprises have been downgraded and put on watch list by Pakistan Credit Rating Agency (PACRA). These are two listed companies namely Azgard Nine, and Agritech and a private limited company Hazara Phosphate Fertilizers (Pvt) Limited.
Incidentally, it has happened at a time when investors were really concerned about the outlook of these companies. Earlier, Pacra had withdrawn the asset manager rating (AM2) assigned to JS Investment subsequent to Company's decision to discontinue its rating relationship with it. Apparently the decision came when Pacra adjusted rating of JS Investments to 'AM2' (AM Two) from 'AM2+' (AM Two Plus). The key issue is the payments relating to TFCs the Company has issued in 2005 and 2007. Azgard has recently offered part of its shareholding in Agritech to general public under the divestment plan.
Pacra has downgraded the long term and short term entity ratings of Agritech (formerly Pak American Fertilizers) to "A-" (Single A Minus) and "A2" (A Two) respectively.
Earlier Pacra had adjusted the asset manager rating of JS Investments to 'AM2' (AM Two), from previous rating of 'AM2+' (AM Two Plus). The rating denotes the Company's strong capacity to manage the risks inherent in asset management and meet the high investment management industry standards and benchmarks.

3 JS entities downrated, placed on watch list