Press Release

Ratings of K-Electric Limited

Karachi, March 07, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the outstanding entity and Sukuk ratings of K-Electric Limited (KE) on ‘Rating Watch-Developing’ status.

Determination of company’s Multi Year Tariff is pending as NEPRA has yet to decide on reconsideration request submitted by Ministry of Energy, Government of Pakistan. Company’s annual report for 2017 has not been published due to this delay and is expected to be announced upon finalization of the tariff which also has been communicated to PSX via letter dated December 19, 2017. JCR-VIS has continued to monitor company’s developments and will update ratings upon finalization of KE’s tariff. JCR-VIS has an outstanding entity rating of ‘AA/A1’ (Double A/A One); Sukuk 3 (Rs. 1.5b) is rated ‘AA’ (Double A) while Sukuk 4 (Rs. 22b) has a rating of ‘AA+’ (Double A Plus).

For further information on this rating announcement, please contact the undersigned (Ext: 249) or Mr. Javed Callea (Ext: 234) at 92-21-35311861-70 or fax to 92-21-35311873.

Jamal Abbas Zaidi

Applicable Rating Criteria: Industrial Corporate (Oct 2003)

Rating The Issue (September 2014)

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2018 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited