The Pakistan Credit Rating Agency Limited
10-Mar-23
Analyst
Muhammad Atif Chaudhry
Atif.Chaudhry@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Debt Instrument Rating | Jun-22
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jun-22
- Methodology | Rating Modifiers | Jun-22
- Methodology | Independent Power Producer Rating | Jun-22
Related Research
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PACRA withdraws the Rating of Lucky Electric Power Company Limited | PPSTS-2 | PKR 7bln | Jun-22 | Redeemed
| Issuer | Lucky Electric Power Company Limited |
| Instrument | PPSTS-2 |
| Amount | PKR 7000 mln |
| Issuance Date | 15-Jun-22 |
| Tenor | 0.5 Years |
| Redemption Date | 15-Dec-22 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (10-Mar-23 ) |
Previous (06-Sep-22 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
Lucky Electric Power Company Limited issued a rated, Privately Placed Sukuk (PPSTS-2) of PKR 7,000mln in June 2022. The tenor of the instrument was 6 months and carried a profit rate of 6MK+120bps. The instrument has been repaid, hence redeemed. The Company has paid in full, all markup and outstanding principal amount. The Sukuk has been redeemed on Dec 15, 2022. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Lucky Electric Power Company Limited | PPSTS-2 | PKR 7bln | Jun-22.
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About
the Entity
LEPCL, incorporated in Pakistan on June 13, 2014 as public unlisted company at Port Qasim, Karachi, Sindh. Lucky Cement Limited owns 100% shareholding of LEPCL. Lucky Cement Limited stands as the flagship company of Yunus Brothers Group. The Company’s board comprisesseven directors, including CEO, all the board members represent Lucky Cement. Mr. MuhammadAli Tabba, the Chairman, has been associated with the Group in different capacities for nearly three decades and is currently chairing the Board with his visionary leadership and vast experience.