The Pakistan Credit Rating Agency Limited
25-Feb-25
Analyst
Ali Arslan Malik
Ali.Arslan@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Rating Modifiers | Apr-24
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Jul-24
- Methodology | Independent Power Producer Rating | Jul-24
- Methodology | Debt Instrument Rating | Oct-24
Related Research
This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA
PACRA Withdraws the Ratings of K-Electric Limited | PPSTS-28 | PKR 7.0bln | Aug-24 | Redeemed
| Issuer | K-Electric Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 7000 mln |
| Issuance Date | 05-Aug-24 |
| Tenor | 0.5 Years |
| Redemption Date | 06-Feb-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (25-Feb-25 ) |
Previous (10-Sep-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
K-Electric Limited (“KE” or “the Company”) issued a rated, privately placed Sukuk (PPSTS-28) amounting to PKR 7,000 million on August 05, 2024. The Sukuk had a tenor of 6 months and carried a profit rate of 6MK+20bps. It has been fully redeemed, with all principal and markup paid by the Company on February 06, 2025.
As a result, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of K-Electric Limited | PPSTS-28 | PKR 7bln | Aug-24.
About
the Entity
KE, a vertically integrated power utility, has been in operation for more than a century. KE’s power generation capacity is 2,817MW. In addition to its own generation capacity, KE has arrangements with several IPPs & CPPA-G for 1,600+MW capacity. KES Power Limited, a company incorporated in Cayman Islands and owned in parts by Al-Jomaih Group of KSA, NIG of Kuwait and IGCF of Cayman Islands respectively, presently holds 66.40% shareholding in KE while the GoP maintains a 24.36% stake.