JCR-VIS finalizes rating to Islamic Commercial Paper of K-Electric Limited
Karachi, November 29, 2018 (PPI-OT): Upon issuance of commercial paper, JCR-VIS Credit Rating Company Limited (JCR-VIS) has finalized rating of A-1 (Single A One) to K-Electric Limited’s (KE) Islamic Commercial Paper (ICP) of up to Rs. 7billion (Including a green shoe option of up to Rs. 2b). The ICP was issued on August 29, 2018. Tenor of ICP is 6 months while profit rate is 6 month KIBOR plus 90bps.
The proceeds of the issue are being utilized for KE’s working capital requirements. Instrument is unsecured, non-convertible and redeemable at maturity date in bullet payment. JCR-VIS has assigned entity rating of ‘AA/A1’ (Double A/A One) to KE. Ratings have been placed on ‘Rating Watch-Developing’ status.
For more information, contact:
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi