(ADPnews) - Dec 18, 2009 - The Pakistan Credit Rating Agency (PACRA) said it lowered the rating on local cement producer Maple Leaf Cement Factory Ltd's (KAR:MLCF) PKR 8 billion (USD 95.1m/EUR 66.1m) Sukuk to D from BBB.
Meanwhile, the BBB-/A3 entity ratings were placed on SD, or "selective default". The rating denotes that the financial obligations are currently in default.
The ratings reflect the company's non-performance on its debt obligations - the Sukuk's interest payments - emanating largely from material deterioration in its financial profile, an outcome of …
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