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

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 2024 VIS Credit Rating Company Limited . All rights reserved. Contents may be used by news media with credit to VIS .