Karachi, VIS Credit Rating Company Limited (VIS) announced the withdrawal of the entity ratings for Qadri Textile Mills Limited (QTML). The action, effective immediately, follows the non-renewal of the rating contract between QTML and VIS. The previous rating action occurred on January 13, 2023.

According to VIS Credit Rating Company Limited, the decision to withdraw the ratings reflects the termination of the contractual agreement that had enabled the ongoing assessment of QTML's financial and operational performance. The specifics of the ratings prior to withdrawal were not disclosed in the announcement.

This development comes as a significant change in the relationship between VIS and QTML, impacting how investors and other market participants perceive the financial health and stability of Qadri Textile Mills Limited.