VIS Assigns Rating To Islamic Commercial Paper Of K-Electric
Fahad Shabbir (@FahadShabbir) Published March 25, 2020 | 05:41 PM
VIS Credit Rating Company Limited has assigned preliminary rating of single A One plus to K-Electric Limited's proposed Islamic Commercial Paper (ICP-8) issue of up to Rs 3.5billion
KARACHI, (UrduPoint / Pakistan Point News - 25th Mar, 2020 ):VIS Credit Rating Company Limited has assigned preliminary rating of single A One plus to K-Electric Limited's proposed Islamic Commercial Paper (ICP-8) issue of up to Rs 3.5billion.
The ICP-8 will have a tenor of 6 months which will be utilized for funding KE's working capital requirements, said release on Wednesday.
KE has been assigned entity rating of double A/A-One Plus. The assigned rating recognize the strategic importance of KE, a vertically integrated utility company, that has exclusive distribution rights in its service area i.e. Karachi and adjoining areas of Sindh and Baluchistan.
Business risk profile draws support from growing demand for electricity and continuous improvement across various operational metrics including reduction in transmission and distribution and aggregate technical and commercial losses.
Overall financial profile is expected to remain adequate during the rating horizon. With the NEPRA's determination of monthly FCA for the period July 2016 to June 2019 and quarterly tariff variations for the period July 2016 to March 2019, working capital cycle of the Company is expected to improve. Audited financial statements of the Company are expected to be finalized in the on-going month.
Related Topics
Recent Stories
ISSI, FES hold int'l moot 'Pakistan in the Emerging Geopolitical Landscape'
Anonymous allegations against PR chairman rejected
Dallas hosts Kashmiri diaspora: A convergence for environmental, peace advocacy
PML-N’s Central General Council to meet on May 11
Gillani calls for further promoting parliamentary relations between Pakistan, US
Massive financial, administrative scam unearthed at SCCI
Tennis: ATP/WTA Madrid Open results
FCCI welcomes Iranian president's visit
Chief Commissioner briefs Federal Minister Engr Amir Muqam about Raha Program
Millat Express stop at Bandhi extended
Govt. making all-out efforts to enhance energy mix to provide affordable electri ..
ATC adjourns hearing of May-9 violence case till May 11
More Stories From Pakistan
-
ISSI, FES hold int'l moot 'Pakistan in the Emerging Geopolitical Landscape'
4 minutes ago -
Anonymous allegations against PR chairman rejected
4 minutes ago -
Dallas hosts Kashmiri diaspora: A convergence for environmental, peace advocacy
4 minutes ago -
PML-N’s Central General Council to meet on May 11
4 minutes ago -
Gillani calls for further promoting parliamentary relations between Pakistan, US
4 minutes ago -
Chief Commissioner briefs Federal Minister Engr Amir Muqam about Raha Program
8 minutes ago
-
Millat Express stop at Bandhi extended
8 minutes ago -
Govt. making all-out efforts to enhance energy mix to provide affordable electricity to consumers: N ..
8 minutes ago -
ATC adjourns hearing of May-9 violence case till May 11
4 minutes ago -
Young child killed, seven injured in separate accidents in Bahawalnagar
4 minutes ago -
Punjab powers youth mobility: 20,000 bikes to energize student life
4 minutes ago -
PNCA hosts artist talk, workshop on paper cutting
26 minutes ago