(ADPnews) - Mar 16, 2011 - The Pakistan Credit Rating Agency (PACRA) said it axed the rating on the PKR 1.5 billion (USD 17.5m/EUR 12.6m) listed and secured TFC issue of real estate developer Pace Pakistan Ltd (KAR:PACE) to D following its failure to pay an interest on the instrument due to considerable cash flow constraints.
The agency also put the company's entity ratings on selected default (SD) and downgraded its PKR 400 million privately placed and secured …
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