Karachi, In a recent announcement, VIS Credit Rating Company Limited (VIS) has withdrawn its entity ratings for Magna Processing Industries (Pvt.) Limited (MPIL). This decision, effective immediately, comes due to the non-renewal of the rating contract between MPIL and VIS, with the last rating action reported on March 15, 2024.

According to VIS Credit Rating Company Limited, the withdrawal marks the end of the formal evaluation process for MPIL by VIS, following a brief period since the last assessment in March 2024. The specific details regarding the previous ratings and the circumstances leading to the non-renewal of the contract have not been provided.

This move affects the official assessment and credit rating visibility of MPIL in the financial markets, potentially influencing stakeholder perceptions and the company’s access to capital.