VIS Annuls Rating of Artistic Apparels Due to Contract Non-Renewal

Karachi, In a recent move, VIS Credit Ratings Company Limited (VIS) has withdrawn the entity rating of Artistic Apparels (Private) Limited (AAPL), initially rated at ‘BBB+/A-2’. The withdrawal, effective immediately, was prompted by the non-renewal of the rating contract between AAPL and VIS.

According to VIS Credit Rating Company Limited, the decision follows standard protocol when a contract is not renewed. The previous rating, indicating moderate credit quality with a stable outlook for short-term commitments, was last updated on March 03, 2022. VIS has not provided further details on the implications of the withdrawal for AAPL’s financial profile or market activities following the end of their agreement.