Fitch rates Wapda’s USD-denominated notes 'B-'

May 25, 2021: The New-York based ratings agency Fitch has assigned the Water and Power Development Authority's (Wapda) proposed USD-denominated unsecured notes a rating of ‘B-‘, a press release issued by the rating agency showed on Tuesday.

“Fitch Ratings has assigned Pakistan Water and Power Development Authority 's (WAPDA, B-/Stable) proposed US dollar senior unsecured notes a rating of 'B-'. The proceeds of the proposed notes will be used to finance or refinance eligible green projects,” the press release read.

Wapda is planning to raise around $500 million from the global bonds market inviting in order to help accelerate the pace of expansion of water reservoirs in the country.

The authority has invited bids from the United Kingdom, United States and Singapore in a bid to attract funds for the construction of dams after raising adequate funds to mitigate the water shortages in the country.

JPMorgan, Deutsche Bank, Standard Chartered and Habib Bank have been hired to see through the planned issuance of potentially seven-year or 10-year bonds depending on market conditions, as per the media reports.

Fitch Ratings