Press Release

VIS Reaffirms Entity Ratings of Liberty Daharki Power Limited

Karachi, May 4, 2026: VIS Credit Rating Company Limited (VIS) reaffirms entity ratings of Liberty Daharki Power Limited (‘LDPL’ or ‘the Company’) at 'A+/A1' (Single A plus/A One) with a “Stable” outlook. Medium to long term rating of ‘A+' indicates good credit quality; Protection factors are adequate. Risk factors may vary with possible changes in the economy. Short term rating of 'A1' indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. Previous rating action was announced on February 24, 2025.

LDPL was established in Pakistan on August 21, 1995, as a public limited company. The Company’s name was changed to Liberty Daharki Power Limited from TNB Liberty Power Limited on November 4, 2022. The registered office is located in Islamabad. LDPL is primarily engaged in the operation, and maintenance of a combined cycle power station. This power station, with an installed capacity of 235 MW, is developed in two phases in District Ghotki, Sindh. The electricity generated is sold to the Central Power Purchasing Agency Guarantee Limited (CPPA-G).

The assigned ratings reflect LDPL’s established operations under a long-term PPA framework with CPPA-G and continued extension of the agreement, providing visibility on electricity sales. The ratings incorporate the revised tariff structure, which has altered the composition of capacity payments and increased reliance on dispatch levels, along with the decline in energy dispatch and profitability. Consideration is also given to reliance on gas supply under interim arrangements with the GSA pending formalization, and exposure to counterparty risk. Financial risk is reflected by higher but manageable leverage and diversification into non-core investments; however, coverage metrics remain adequate.

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 May 04, 2026 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.