Press Release

JCR-VIS finalizes rating to Islamic Commercial Paper of K-Electric Limited
 

Karachi, November 29, 2018: Upon issuance of commercial paper, JCR-VIS Credit Rating Company Limited (JCR-VIS) has finalized rating of A-1 (Single A One) to K-Electric Limited’s (KE) Islamic Commercial Paper (ICP) of up to Rs. 7billion (Including a green shoe option of up to Rs. 2b). The ICP was issued on August 29, 2018. Tenor of ICP is 6 months while profit rate is 6 month KIBOR plus 90bps. The proceeds of the issue are being utilized for KE’s working capital requirements. Instrument is unsecured, non-convertible and redeemable at maturity date in bullet payment.

JCR-VIS has assigned entity rating of ‘AA/A1’ (Double A/A One) to KE. Ratings have been placed on ‘Rating Watch-Developing’ status.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 201) at 92-21-35311861-70 or fax to 92-21-35311873.



Javed Callea
Advisor

Applicable Rating Criteria: Industrial Corporate (Oct 2003)
http://www.jcrvis.com.pk/images/IndustrialCorp.pdf

Rating The Issue (September 2014)
http://www.jcrvis.com.pk/Images/criteria_instrument.pdf

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Information herein was obtained from sources believed to be accurate and reliable; however, JCR-VIS Credit Rating Company Limited (JCR-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. JCR-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. JCR-VIS is not an NRSRO and its credit ratings are not NRSRO credit ratings. JCR-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 JCR-VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to JCR-VIS.

JCR-VIS Credit Rating Company Limited