Press Release

JCR-VIS assigns final rating to Sukuk issue of Karachi Electric Supply Company Limited

Karachi, January 2, 2014: Having reviewed the legal documents, JCR-VIS Credit Rating Company Limited has finalized the ratings of ‘A+’ (Single A Plus) assigned to proposed Sukuk issues 1, 2 & 3 of Karachi Electric Supply Company Limited (KESC). KESC has outstanding entity ratings of ‘A+/A-2’ (Single A Plus/A-Two). Outlook on the assigned ratings is ‘Positive’.

KESC is in the process of issuing Sukuk of Rs. 6billion. The Sukuk structure is based on Shirkat-ul-Milk. Sukuk is planned to be issued in three tenor buckets with maturities of 13 months, 3 years and 5 years, with bullet repayments.

For further information on this rating announcement, please contact Ms. Sobia Maqbool, CFA (Ext: 604) or Mr. Javed Callea (Ext: 501) at 92-21-35311861-70 or fax to 92-21-35311873.

Jamal Abbas Zaidi
Deputy CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2014 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited