Press Release

VIS Reaffirms Entity Ratings of Associated Technologies (Pvt) Limited

Karachi, May 13, 2026: VIS Credit Rating Company Limited (VIS) has reaffirmed the entity ratings of Associated Technologies (Pvt) Limited at ‘A-/A2’ (Single A Minus/A Two). The medium-to long-term rating of ‘A-’ indicates good credit quality; protection factors are adequate. Risk factors may vary with changes in economic conditions. The short-term rating of ‘A2’ indicates a good likelihood of timely repayment of short-term obligations with sound short-term liquidity factors. Outlook on the assigned rating remains ‘Stable’. Previous rating action was announced on January 17, 2025.

Associated Technologies (Pvt) Limited (‘ATPL’ or ‘the Company’) is a family-owned entity specializing in steel tower fabrication for power transmission lines and telecommunication services, construction services, and solar power projects. The assigned ratings reflect a low-to-medium business risk, characterized by sustained demand for transmission and telecommunication towers, localized manufacturing, and the established market positions of both the Company and its subsidiary, Tower Power (Pvt) Ltd (TPL) operating within the TowerCo segment. During FY25, revenue contracted by 8.3% due to dampened downstream demand, though the Company demonstrated resilience as net margins recovered, driven by addition of solar segment, increased other income and lower financial charges. While ATPL faces significant customer concentration risk, with TPL accounting for 87% of sales, however, its ownership control provides comfort. The ratings incorporate ATPL’s robust financial profile, characterized by a conservative capital structure, strengthening debt coverage, and a healthy project pipeline. Further, ATPL’s strategic alignment with the ongoing 5G technology integration and DISCOs privatization positions it to capitalize on long-term infrastructure upgrades in the telecom and power sectors.

For further information on this ratings announcement, please contact at 021-35311861-64 or email at info@vis.com.pk


Applicable Rating Criteria:

Industrial Corporates
https://docs.vis.com.pk/docs/CorporateMethodology.pdf

VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf

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 May 13, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.