September 13, 2019 (MLN): Upon issuance of commercial paper, VIS Credit Rating Company Limited (VIS) has finalized rating of A-1 (Single A One) to K-Electric Limited’s (KE) Islamic Commercial Paper (ICP-A) of up to Rs.8 billion (Including a green shoe option of up to Rs.3 billion).
According to a press release issued by VIS on this occasion, the ICP-A will have a tenor of 6 months. The Instrument is unsecured, non-convertible and redeemable at maturity date in bullet payment and the proceeds of the issue will be utilized for KE’s working capital requirements.
VIS has assigned entity rating of ‘AA/A1’ (Double A/A One) to KE and these ratings have been placed on ‘Rating Watch-Developing’ status.
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