Press Release

VIS Reaffirms Entity Ratings of National Power Parks Management Company (Private) Limited

Karachi, January 22, 2026: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of National Power Parks Management Company (Private) Limited (‘NPPMC’ or ‘the Company’) at 'AA+/A1+' (Double A plus/A One plus) with a “Stable” outlook. Medium to long term rating of ‘AA+' indicates high credit quality; Protection factors are strong. Risk is modest but may vary slightly from time to time because of economic conditions. Short term rating of 'A1+' indicates strongest likelihood of timely repayment of short-term obligations with outstanding liquidity factors. Previous rating action was announced on December 6, 2024.

Established in 2015, NPPMCL owns, operates and maintains two combined-cycle gas-fired power plants, namely Haveli Bahadur Shah (HBS) power plant (1,230?MW) located in district Jhang and Balloki power plant (1,223?MW) located in district Kasur. Both power plants operate under the Power Generation Policy, 2015, which offers a guaranteed Rate of Return on equity, cost indexation and pass-through cost structure. Both plants achieved commercial operations in 2018. NPPMCL is owned by the Government of Pakistan (GoP) through Pakistan Development Fund Limited (PDFL), a NBFC incorporated in 2014.

The assigned ratings reflect the Company’s ownership, operation, and maintenance of two large combined-cycle gas-fired power plants operating under long-term contractual arrangements within Pakistan’s regulated power generation network. The ratings are underpinned by strong sovereign ownership through the Government of Pakistan, established governance structures, and Board oversight. Business stability is supported by long-term Power Purchase Agreements and Gas Supply Agreements, providing defined contractual protections and cost pass-through features. Despite lower dispatch and adjustments during the period following renegotiation of the tariff in April 2025, operations remained within the contractual framework, while capitalization, coverage, and liquidity indicators remained supportive of the current ratings.

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





Applicable Rating Criteria:
Corporate Rating
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 January 22, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.