Press Release

Ratings of K-Electric Limited
 

Karachi, April 16, 2020: VIS Credit Rating Company Ltd. has reaffirmed the instrument rating of ‘AA+’ (Double A Plus) assigned to K-Electric Limited’s (KE) Rs. 25 billion Sukuk. The Sukuk rating was previously finalized on February 13, 2020. KE’s entity rating has also been reaffirmed at ‘AA/A-1+’ (Double A/A One Plus). Outlook on the assigned ratings is ‘Stable’. The previous entity rating action was announced on October 14, 2019.

The assigned rating recognize the strategic importance of KE, a vertically integrated utility company, that has exclusive distribution rights in its service area i.e. Karachi and adjoining areas of Sindh and Balochistan. Impact of Covid-19 pandemic on the key operational and financial performance metrics including units sent out and recovery ratio would continue to be monitored by VIS. This rating action is being announced in order to comply with regulatory requirements.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext. 306) at 021-35311861-70 or email at info@vis.com.pk .





Faryal Ahmad Faheem
Deputy CEO

Applicable Rating Criteria:
Industrial Corporates - April 2019
https://s3-us-west-2.amazonaws.com/backupsqlvis/docs/Corporate-Methodology-201904.pdf

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

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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 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 2020 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .

VIS Credit Rating Company Limited