Karachi, VIS Credit Rating Company Limited (VIS) announced the immediate withdrawal of its entity ratings for Magna Textile Industries (Pvt.) Limited (MTIL) due to the non-renewal of their rating contract. This decision follows a recent rating action on March 15, 2024.

According to VIS Credit Rating Company Limited, the cessation of ratings for MTIL is a direct result of the failure to renew the contractual agreement that facilitated the rating process. The implications of this withdrawal for MTIL’s financial standing and market perception remain to be seen, given the absence of an active rating from a major credit agency.