Independent Media Corp assigned ratings -Pakistan Press Foundation (PPF)

Paksitan Press Foundtion

Independent Media Corp assigned ratings

KARACHI: JCR-VIS Credit Rating Company Limited (JCR-VIS) has assigned an entity rating of ‘A/A-2’ to the Independent Media Corporation (Private) Limited (IMCL), the rating agency said in a statement on Friday.

“Outlook on the rating is stable,” the rating company said.

IMCL is part of Pakistan’s largest media conglomerate the Jang Group, which has dominated the field of news and communication for over seven decades with Jang being the country’s largest circulated daily, the statement said.

IMCL is operating with Geo News and Geo Entertainment, which enjoys the highest viewership amongst the cable-operated channels in Pakistan, it said.

Senior management has remained associated with media and comprises some of the best-qualified professionals in the industry. Business flows and the control framework have evolved into a robust interactive system with extensive report generation and activity management capabilities, being provided by the management system, it said.

The rating agency said that the revenues have grown steadily over the years. IMCL’s debt policy has so far remained conservative. Strong group support is evident and has been utilised from time to time, it added.

IMCL has been and will continue to be faced with rising competition. “While its positioning with the industry has so far been sustained and market share has grown over the time, competition will necessitate focused and continued effort to retain share,” the rating company said.
Source: The News
Date:9/10/2011