PACRA maintains entity ratings of Foundation Power Company Daharki

MG News | November 23, 2018 at 10:25 AM GMT+05:00

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November 23, 2018 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the entity ratings of Foundation Power Company Daharki Limited, at ‘AA-’ for long term and at ‘A1+’ for short term. The outlook forecast on these ratings is ‘stable’.

A formal press release on the matter explains that the ratings reflect strong business profile of Foundation Power Company Daharki Limited (Foundation Power), emanating from the demand risk coverage under Power Purchase Agreement signed between NTDC (through Central Power Purchasing Agency) and the company.

“The ratings incorporate low operational risk, a result of the performance of KEPCO - the O&M operator. Fuel of the plant is 'low BTU' gas, which is supplied by an associate - Mari Petroleum Company Limited (40% owned by Fauji Foundation),” elaborated the agency.

Moreover, the company's association with Fauji Foundation (FF) provides comfort to the ratings.

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