The Pakistan Credit Rating Agency Limited
15-Apr-25
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
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PACRA Withdraws the Ratings of K-Electric Limited | PPSTS-29 | PKR 6.0bln | Sep-24 | Redeemed
| Issuer | K-Electric Limited |
| Instrument | Privately Place Short Term Sukuk |
| Amount | PKR 6000 mln |
| Issuance Date | 23-Sep-24 |
| Tenor | 0.5 Years |
| Redemption Date | 24-Mar-25 |
| Outstanding Amount | - |
| Rating Type | Debt Instrument | |
|
Current (15-Apr-25 ) |
Previous (07-Nov-24 ) |
|
| Action | Redeem | Initial |
| Long Term | - | AA |
| Short Term | - | A1+ |
| Outlook | Stable | |
| Rating Watch | - | - |
K-Electric Limited (“KE” or “the Company”) issued a rated, unsecured, privately placed Sukuk (PPSTS-29) amounting to PKR 6,000 million on September 23, 2024. The Sukuk had a tenor of 6 months and carried a profit rate of 3MK+10bps. It has been fully redeemed, with all principal and markup paid by the Company on March 24, 2025.
As a result, the Pakistan Credit Rating Agency (PACRA) has withdrawn the ratings of K-Electric Limited | PPSTS-29 | PKR 6.0bln | Sep-24.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 KE while the Government of Pakistan maintains a 24.36% stake.