The Pakistan Credit Rating Agency Limited
22-Nov-24
Analyst
Fatima Khan
fatima.khan@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 | Debt Instrument Rating | Oct-24
Related Research
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PACRA Withdraws the Ratings of Pak Elektron Limited | PPSTS | PKR 2bln | March-24
| Issuer | Pak Elektron Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 2000 mln |
| Issuance Date | 27-Mar-24 |
| Tenor | 0.6 Years |
| Redemption Date | 27-Sep-24 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (22-Nov-24 ) |
Previous (24-May-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | A+ |
| Short Term | - | A1 |
| Outlook | Stable | |
| Rating Watch | - | - |
About
the Entity
PEL is a listed public limited company and was incorporated in 1956. The Company is principally engaged in the manufacturing and sale of electrical capital goods and domestic appliances. PEL's ownership is split between Saigol Group, the general public, insurance companies, foreign investors, FIs/NBFIs, and others.
About
the Instrument
The Company issued a Rated, secured, Privately Placed Short Term Sukuk of amount PKR 2bln to finance the company’s working capital requirement. The tenor was six (06) months from the Issue Date of each tranche. Similarly, principal redeemed as bullet payment six (06) months after the issue date. Profit rate was set at 6MK+100bps.
The Sukuk was redeemed on 27 September 2024. Hence, the Pakistan Credit Rating Agency (PACRA) has withdrawn the rating of Pakistan Mobile Communications Limited | PPSTS | PKR 15bln | Apr-24.