The Pakistan Credit Rating Agency Limited
18-Feb-26
Analyst
Anam Waqas Ghayour
anam.waqas@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-25
- Methodology | Rating Modifiers | Apr-25
- Methodology | Corporate Rating | Jul-25
- Methodology | Debt Instrument Rating | Sep-25
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-33 | PKR 7.0bln | Jul-25 | Redeemed
| Issuer | K-Electric Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 7000 mln |
| Issuance Date | 23-Jul-25 |
| Tenor | 0.5 Years |
| Redemption Date | 23-Jan-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (18-Feb-26 ) |
Previous (18-Aug-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
About
the Entity
K-Electric (KE) is a public listed company incorporated in Pakistan in 1913 as KESC. Privatized in 2005, KE is the only vertically integrated power utility in Pakistan supplying electricity to Karachi and its adjoining areas. The majority shares (66.4%) of the Company are owned by KES Power, a consortium of investors including Al-Jomaih Power Limited of Saudi Arabia, National Industries Group (Holding) of Kuwait, and KE Holdings (Formerly: Infrastructure and Growth Capital Fund or IGCF). The Government of Pakistan is also a shareholder (24.36%) in the Company, while the remaining are listed as free float shares.
About
the Instrument
K-Electric Limited (KE) issued a rated, privately placed, unsecured short-term sukuk (STS), designated PPSTS-33, on July 23, 2025, amounting to PKR 7,000 million. The instrument had a tenor of six months and carried a profit rate of 3M KIBOR – 0.10% per annum, with both principal and profit payable at maturity. It has been fully redeemed, with all principal and markup paid by the Company on January 23, 2026. As a result, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of K-Electric Limited | PPSTS-33 | PKR 7.0bln | Jul-25.