Corporates

Power Companies
Name Date Rating Type Long Term Short Term Outlook Action
AJ Power (Pvt) Ltd 7/19/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Artistic Energy (Pvt) Ltd 4/18/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 4/18/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Atlas Solar Limited (Formerly: Zhenfa Pakistan New Energy Company Limited) 12/26/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Engro Powergen Qadirpur Limited 10/24/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Positive Maintained
FFBL Power Company Ltd 12/20/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Gharo Solar Ltd 9/12/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Indus Wind Energy Limited 8/7/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
K-Electric Limited 10/5/2023 STS-20
A-1+ Final
K-Electric Limited 11/6/2023 STS-21
A-1+ Final
K-Electric Limited 4/14/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
K-Electric Limited 4/14/2023 Sukuk 5
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
K-Electric Limited 4/14/2023 Sukuk 6
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
Stable Reaffirmed
Kot Addu Power Company Limited 1/8/2024 Entity
A+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Rating Watch - Developing Downgrade
Lakeside Energy Limited 8/17/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Initial
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited) 11/29/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited) 12/20/2023 Entity
A Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
NASDA Green Energy Limited 8/8/2023 Entity
A- Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
National Power Parks Management Company (Pvt) Limited 12/28/2023 Entity
AA+ High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/18/2023 Sukuk 1
AAA Highest credit quality; the risk factors are negligible, being only slightly more than for risk-free Government of Pakistan’s debt.
Stable Note
Nishat Chunian Power Limited 9/27/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-2 Stable Reaffirmed
Punjab Thermal Power (Pvt) Limited 9/19/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Upgrade
Quaid-e-Azam Thermal Power (Pvt) Limited 8/23/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Reaffirmed
Rousch (Pakistan) Power Limited 5/15/2023 Entity
AA- High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1 Stable Downgrade
Thal Power (Pvt) Limited 12/22/2023 Entity
AA High credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions.
A-1+ Stable Reaffirmed
Yunus Energy Limited 4/4/2023 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed
Zephyr Power Limited 4/18/2024 Entity
A+ Good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy.
A-1 Stable Reaffirmed