Karachi: Moody has downgraded the rating of Mobilink from B3 to B2/Caa1 with negative outlook .
Mobilink has not been named in the Rs 47 billion tax evasion scam but its banks were also frozen by Federal Board of Revenue (FBR) in May 2012 on the non-payment of due tax.
Moody has recently downgraded Pakistan’s rating for the same level recently.
Mobilink official stated that Pakistan’s Moody’s rating has came down and this downgrading has effects on all companies working in Pakistan too.
Mobilink’s rating is directly related to the rating of Pakistan, and this downgrade is due to the country’s over all downgrading, and is not a reflection of Mobilink’s operations.
As per policies of Moodys no company operating in Pakistan can be rated more than two levels above the country’s rating, so Mobilink still has the best possible rating for any Pakistani company
PMCL is the only company rated at Moody’s other than few banks.
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