Karachi, VIS Credit Rating Company Limited (VIS) has officially withdrawn the entity ratings for Eastern Spinning Mills Limited (ESML), effective immediately. This action follows the non-renewal of the rating contract that was last updated in January 2023.

According to VIS Credit Rating Company Limited, the decision to withdraw the ratings of ESML was taken as the contract for maintaining these ratings was not renewed. The previous rating action for ESML, which is now being retracted, was disclosed on January 12, 2023. This withdrawal indicates a cessation of the formal rating relationship between VIS and ESML.

The withdrawal of ratings by a credit rating agency like VIS signifies a change in the financial monitoring of the concerned entity, ESML, in this case, affecting how investors and other financial stakeholders view its creditworthiness.