Karachi, January 2, 2014: Having reviewed the legal documents, JCR-VIS Credit Rating Company Limited has finalized the ratings of ‘A+’ (Single A Plus) assigned to proposed Sukuk issues 1, 2 & 3 of Karachi Electric Supply Company Limited (KESC). KESC has outstanding entity ratings of ‘A+/A-2’ (Single A Plus/A-Two). Outlook on the assigned ratings is ‘Positive’.
KESC is in the process of issuing Sukuk of Rs. 6billion. The Sukuk structure is based on Shirkat-ul-Milk. Sukuk is planned to be issued in three tenor buckets with maturities of 13 months, 3 years and 5 years, with bullet repayments.
For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA (Ext: 604) or Mr. Javed Callea (Ext: 501) at 92-21-35311861-70 or fax to 92-21-35311873.
Jamal Abbas Zaidi
Information herein was obtained from sources believed to be accurate and reliable; however,
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