Karachi, March 26, 2015: Upon submission of legal documentation, JCR-VIS Credit Rating Company Limited has finalized the ratings of ‘AA+’ (Double A Plus) assigned to proposed Sukuk issue of Rs. 22billion of K-Electric Limited (KE). KE has outstanding entity ratings of ‘AA/A-1’ (Double A /A-One). Outlook on the assigned ratings is ‘Stable’. The previous rating action was announced on January 29, 2015.
KE is in the process of issuing Sukuk of Rs. 22b (inclusive of a green shoe option of Rs. 2b). The proposed Sukuk issue will have a tenor of 7 years including grace period of two years. Principal repayment will be made in 20 equal quarterly installments.
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
Applicable Rating Criteria:
Industrial Corporates (Oct. 2003) http://www.jcrvis.com.pk/images/IndustrialCorp.pdf
Rating the Issue (Sept 2014) http://www.jcrvis.com.pk/Images/criteria_instrument.pdf
Information herein was obtained from sources believed to be accurate and reliable; however,
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relating to the rating(s)/ranking(s) mentioned in this report. JCR-VIS is not an NRSRO and its
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