Press Release

VIS Finalizes Sukuk Rating of AA+ to K-Electric Limited’s (KE) Rs. 25 billion Sukuk

Karachi, February 13, 2020: VIS Credit Rating Company Ltd. has finalized the rating of ‘AA+’ (Double A Plus) assigned to K-Electric Limited’s (KE) Rs. 25 billion Sukuk. Outlook on the assigned rating is ‘Stable’. The pre-IPO amount of Rs. 23.71billion was raised and the remaining amount will be raised through an IPO during 2HFY20. The assigned ratings incorporate strategic importance of KE, strong business risk profile, adequate financial profile and structural features of the Sukuk. The previous rating action was announced on October 14, 2019.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext. 201) at 021-35311861-70 or email at .

Javed Callea

Applicable Rating Criteria: Industrial Corporates - April 2019

Rating The Issue (September 2014)

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