The Pakistan Credit Rating Agency Limited
13-May-26
Analyst
Esha Nisar
esha.nisar@pacra.com
+92-42-35869504
www.pacra.com
Applicable Criteria
- Methodology | Corporate Rating | Jul-25
- Methodology | Debt Instrument Rating | Sep-25
- Methodology | Rating Modifiers | Apr-26
- Methodology | Correlation Between Long-term & Short-term Rating Scales | Apr-26
Related Research
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Airlink Communication Limited - PPSTS-VII - PKR 3.5bln - Sep-25
| Issuer | Airlink Communication |
| Instrument | PPSTS-7 |
| Amount | PKR 3500 mln |
| Issuance Date | 23-Sep-25 |
| Tenor | 0.5 Years |
| Redemption Date | 24-Mar-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (13-May-26 ) |
Previous (04-Dec-25 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Airlink Communication Limited issued its seventh Rated, Secured, Privately Placed, Short-Term Sukuk in September 23, 2025. The Sukuk carried a markup of 6MK+1.5% 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 1,167 million was made at the end of the fourth (4th) month from the Issue Date, the second installment at the end of the fifth (5th) month from the Issue Date, and the final installment at the end of the sixth (6th) month from the Issue
Date before the maturity date. Accordingly, both principal and markup were duly settled on March 24, 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In light of the successful redemption, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Airlink Communication Limited | PPSTS-VII | PKR 3.5bln | Sep-25, which was redeemed on March 24, 2026.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.