Press Release

Ratings of K-Electric Limited

Karachi, March 07, 2018: JCR-VIS Credit Rating Company Limited (JCR-VIS) has placed the outstanding entity and Sukuk ratings of K-Electric Limited (KE) on ‘Rating Watch-Developing’ status.

Determination of company’s Multi Year Tariff is pending as NEPRA has yet to decide on reconsideration request submitted by Ministry of Energy, Government of Pakistan. Company’s annual report for 2017 has not been published due to this delay and is expected to be announced upon finalization of the tariff which also has been communicated to PSX via letter dated December 19, 2017. JCR-VIS has continued to monitor company’s developments and will update ratings upon finalization of KE’s tariff. JCR-VIS has an outstanding entity rating of ‘AA/A1’ (Double A/A One); Sukuk 3 (Rs. 1.5b) is rated ‘AA’ (Double A) while Sukuk 4 (Rs. 22b) has a rating of ‘AA+’ (Double A Plus).

For further information on this rating announcement, please contact the undersigned (Ext: 249) or Mr. Javed Callea (Ext: 234) at 92-21-35311861-70 or fax to 92-21-35311873.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Industrial Corporate (Oct 2003)


Rating The Issue (September 2014)
http://www.jcrvis.com.pk/Images/criteria_instrument.pdf

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