Press Release

VIS finalizes rating to Islamic Commercial Paper of K-Electric Limited

Karachi, September 12, 2019: Upon issuance of commercial paper, VIS Credit Rating Company Limited (VIS) has finalized rating of A-1 (Single A One) to K-Electric Limited’s (KE) Islamic Commercial Paper (ICP-A) of up to Rs. 8billion (Including a green shoe option of up to Rs. 3billion). The ICP-A will have a tenor of 6 months. Instrument is unsecured, non-convertible and redeemable at maturity date in bullet payment. The proceeds of the issue will be utilized for KE’s working capital requirements.

VIS has assigned entity rating of ‘AA/A1’ (Double A/A One) to KE. Ratings have been placed on ‘Rating Watch-Developing’ status.

For further information on this rating announcement, please contact Mr. Talha Iqbal (Ext: 213) or the undersigned (Ext: 207) at 92-21-35311861-70 or fax to 92-21-35311873.



Jamal Abbas Zaidi
Advisor

Applicable Rating Criteria: Industrial Corporate (Oct 2003)
http://www.vis.com.pk/images/IndustrialCorp.pdf

Rating The Issue (September 2014)
http://www.vis.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 2019 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .