Press Release
Update on Ratings of K-Electric Limited
Lahore, June 3, 2024: VIS Credit Rating Company Limited (VIS) notes that K-Electric Limited (KE) is currently engaged with NEPRA for the approval of the Multi-Year Tariff (MYT) for the control period FY24-30. Given that the proposed tariff structure is yet to be approved, the Company has been unable to prepare the quarterly financial statements during the ongoing year within the stipulated timelines. The Company has duly informed apex regulators, namely, SECP and NEPRA of the same. Meanwhile, there is no overdue payments on the current outstanding debt of the company, according to the management. VIS would update ratings upon finalization of KE’s tariff and availability of latest financial statements. KE has outstanding entity ratings of ‘AA/A1+ (Double A / A One Plus); Sukuk 5 (PKR 25 billion) is rated AA+ (Double A Plus) while Sukuk 6 (PKR 6.7 billion) is also rated at AA+ (Double A Plus); these ratings were issued on April 14, 2023.
For further information on this ratings announcement, please contact at 042-35723411-13 or email at info@vis.com.pk
Applicable Rating Criteria: Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf
Rating The Issue
https://docs.vis.com.pk/docs/Rating-the-Issue-Aug-2023.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf