The Pakistan Credit Rating Agency Limited
30-Apr-24
Analyst
Ali Arslan Malik
Ali.Arslan@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-23
- Methodology | Rating Modifiers | Apr-23
- Methodology | Debt Instrument Rating | Dec-23
- Methodology | Independent Power Producer Rating | Jul-23
Related Research
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PACRA Withdraws the Ratings of K-Electric Limited | PPSTS-19 |PKR 2.348bln | Aug’23 | Redeemed
| Issuer | K-Electric Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 2348 mln |
| Issuance Date | 28-Aug-23 |
| Tenor | 0.5 Years |
| Redemption Date | 28-Feb-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (30-Apr-24 ) |
Previous (16-Nov-23 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
K-Electric Limited issued a rated, Privately Placed Sukuk (PPSTS-19) of PKR 2,348mln on 28-Aug-23. The tenor of the instrument was 6 months and carried a profit rate of 6MK+45bps. The instrument has been repaid, and hence redeemed. The Company has paid in full, all markup and outstanding principal amount. The Sukuk has been redeemed on 28-Feb-24.
Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of K-Electric Limited | PPSTS-19 | PKR 2.348bln | Aug-23.
About
the Entity
KE is a vertically integrated power utility company which has been running its operations for over a hundred years. The total generation capacity of KE is 2,817 MW. Along with that, KE procures an additional 1650+ MW from National Grid and IPPs. Additionally, KES Power Limited holds 66.4% share of the Company while the Government of Pakistan owns another 24.4%. All key developments are declared publicly at the shareholder level. The CEO of the Company is Mr. Moonis Abdullah Alvi who has been associated with the Company since 2008.