Press Release
VIS Finalizes Rating to Short Term Sukuk of of Liberty Daharki Power Limited
Karachi, July 10, 2026: VIS Credit Rating Company Limited (VIS) has finalized rating of ‘A1 (A One)’ to the short-term sukuk (STS) of PKR 4,000 Mn of Liberty Daharki Power Limited (‘LDPL’ or the ‘Company’). The short-term rating of ‘A1’ indicates strong likelihood of timely repayment of short-term obligations with excellent liquidity factors. The entity ratings of LDPL are ‘A+/A1’ (‘Single A Plus/A One’) with a ‘Stable’ outlook announced on May 04, 2026.
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, 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).
LDPL has issued a Rated, Unsecured, Privately Placed Short-Term Sukuk of up to PKR 4,000 million, to finance the Company's short-term working capital requirements. The Sukuk carries a tenor of six months, with pricing linked to 6M KIBOR plus 125 bps. Both the principal and profit are repayable through a single bullet payment at maturity, with profit calculated on the basis of a 365-day year. The Sukuk was issued on June 11, 2026, and will mature on December 10, 2026. Pak Oman Investment Company Limited has been appointed as the Trustee for the transaction.
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.
The assigned rating to the Short-Term Sukuk reflects LDPL’s established cash flow generation under the sovereign-backed power framework with CPPA-G. The sukuk is being utilized to finance short-term working capital requirements, with the six-month bullet repayment structure aligned with the Company’s liquidity profile. The rating also incorporates the unsecured nature of the instrument and exposure to sector-wide receivable delays arising from circular debt; however, adequate coverage metrics and continued operational cash flows provide support to repayment capacity.
For further information on this ratings 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
Instrument Rating
https://docs.vis.com.pk/Methodologies-2025/IRM-Apr-25.pdf
VIS Issue/Issuer Rating Scale
https://docs.vis.com.pk/docs/VISRatingScales.pdf