The Pakistan Credit Rating Agency Limited
19-Mar-26
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@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
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Airlink Communication Limited - PPSTS-VI - PKR 3.0bln - Jul-25
| Issuer | Airlink Communication |
| Instrument | PPSTS-6 |
| Amount | PKR 3000 mln |
| Issuance Date | 21-Jul-25 |
| Tenor | 0.5 Years |
| Redemption Date | 21-Jan-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (19-Mar-26 ) |
Previous (01-Oct-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Airlink Communication Limited issued a Rated, Secured, Privately Placed, Short-Term Sukuk in July 2025. The Sukuk carried a markup of 6MK+1.75% with a tenor of six months. The proceeds were utilized to finance the working capital requirements of the Company. The underlying instrument was secured by a ranking charge over the current assets of the Company. The Issuer maintained and efficiently managed a Debt Payment Account (“DPA”) under the lien of the Investment Agent, whereby a payment equivalent to PKR 1,000 million was made on 50 days before the maturity date, and subsequently 1/3rd of the remaining amount was deposited every 15 days thereafter, such that amount equivalent to full issue amount was available in the DPA 05 days before the maturity date.
Accordingly, both principal and markup were duly settled on January 21, 2026. The redemption process has been verified through an Auditor’s Certificate along with supporting bank statements, confirming that an aggregate amount equivalent to the full issue size, along with profit, was transferred to the designated account and subsequently paid to the investors.
.
In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Airlink Communication Limited | PPSTS-VI | PKR 3.5bln | Jul-25, which was redeemed on January 21, 2026.
About
the Entity
Airlink is a public listed company primarily engaged in the distribution and assembly of mobile phones and allied products. Mr. Muzaffar Hayat (CEO) and the family own a majority stake in the Company.