November 30, 2018 (MLN): JCR-VIS has finalized a rating of ‘A-1’ (Single A One) to K-Electric Limited’s (KE) Islamic Commercial Paper (ICP) of up to Rs.7 billion (Including a green shoe option of up to Rs.2 billion).
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.
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