Press Release

JCR-VIS assigns final rating to Sukuk issue of K-Electric

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
Deputy CEO




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, 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 March 26, 2015 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.