The Pakistan Credit Rating Agency Limited
24-Oct-24
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-24 | PKR 2.804bln | Mar-24 | Redeemed
| Issuer | K-Electric Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 2804 mln |
| Issuance Date | 28-Mar-24 |
| Tenor | 0.5 Years |
| Redemption Date | 30-Sep-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (24-Oct-24 ) |
Previous (30-Apr-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
K-Electric Limited issued a rated, privately placed Sukuk (PPSTS-24) amounting to PKR 2,804 million on March 28, 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 September 30, 2024.
As a result, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of K-Electric Limited | PPSTS-24 | PKR 2.804bln | Mar-24.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 K-Electric Limited while the GoP maintains a 24.36% stake.