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 .

Faryal Ahmad Faheem
Deputy CEO

Applicable Rating Criteria:
Industrial Corporates - April 2019

Rating The Issue (September 2014)

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VIS Credit Rating Company Limited