PACRA Maintains Entity Ratings of Saif Power Limited

By MG News | November 06, 2018 at 09:52 AM GMT+05:00

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November 6, 2018 (MLN): Pakistan Credit Rating Agency (PACRA) has maintained the entity ratings of Saif Power Limited (SPWL) at ‘A+’ for long term and ‘A1’ for short term, with a ‘stable’ outlook forecast.

According to a press release from PACRA, The ratings reflect strong business profile of Saif Power emanating from the demand risk covered under PPA signed between NTDC and the company.

“The implementation agreement further provides sovereign guarantee for cash flows, given adherence to agreed performance benchmarks,” said the agency.

Saif Power Limited (Saif Power) runs 225MW Combined Cycle Thermal Power Plant at Sahiwal. As per the press release, “The ratings incorporate low operational risk, a result of established performance credentials of GE - the O&M operator. The company operated on gas during the six month period ended June 2018.”

Saif Power, established in 2004, is an Independent Power Producer operating under the Power Policy 2002. Saif Power's plant commenced operations on April 30, 2010. Saif Power was listed on Pakistan Stock Exchange in December 2014.

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