The Pakistan Credit Rating Agency Limited
14-Jul-26
Analyst
Sohail Ahmed Qureshi
sohail.ahmed@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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Daewoo Pakistan Express Bus Service Limited| PPSTS-I| PKR 2.0bln | Dec-25
| Issuer | Daewoo Pakistan Express Bus Service Limited |
| Instrument | PPSTS-1 |
| Amount | PKR 200 mln |
| Issuance Date | 29-Dec-25 |
| Tenor | 0.5 Years |
| Redemption Date | 30-Jun-26 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (14-Jul-26 ) |
Previous (12-Feb-26 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
Daewoo Pakistan Express Bus Service Limited (“DPEBSL” or “the Company”) issued its first Rated, Secured, Privately Placed, Short-Term sukuk of PKR 2.0bln on December 29th, 2025 (inclusive of a Green Shoe Option of up to PKR 1,000 million) marking a strategic financial move for the Company. The proceeds were utilized to finance the working capital requirements of the Company. The underlying instrument was secured by ranking charge over Company’s current assets including receivables. To ensure repayment discipline, the Issuer maintained and efficiently managed Debt Payment Account (“DPA”) under lien of Investment Agent whereby the first payment equivalent to PKR 500 million made on or before 21 days before the maturity date, second payment on or before 15 days, third payment on or before 7 days, and last fourth payment on or before 2 days before the maturity of the Issue. Such that amount equivalent to full issue was available in the DPA 02 days before the maturity date.
On the maturity date, both principal and markup were duly settled on June 30th, 2026. The redemption process has been verified through a Confirmation letter issued by the Investment Agent along with a supporting bank statement, 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 redeemed the rating of Daewoo Pakistan Express Bus Service Limited | PPSTS-I | PKR 2.0bln | Dec-25, which was redeemed on June 30th, 2026.
About
the Entity
DPEBSL, incorporated in 1997, operates passenger, cargo, and mass transit services in Pakistan, with 95.47% owned by Liberty Daharki Power Ltd., ultimately owned by Mr. Shaheryar Arshad Chishty.