VIS finalizes rating of Islamic Commercial Paper of K-Electric Limited

By MG News | April 04, 2019 at 12:08 PM GMT+05:00

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April 4, 2019: Upon issuance of commercial paper, VIS Credit Rating Company Limited (JCR-VIS) has finalized rating of A-1 to K-Electric Limited’s (KE) Islamic Commercial Paper of Rs. 10 billion.

The ICP was issued on February 28, 2019 and the tenor is 6 months while profit rate is 6 month KIBOR plus 90bps (11.75%).

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’ to KE. Ratings have been placed on ‘Rating Watch-Developing’ status.

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