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.

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