Corporates

Power Companies
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
AJ Power (Pvt) Ltd 7/19/2023 Entity A A-2 Stable Reaffirmed
Artistic Energy (Pvt) Ltd 5/14/2024 Entity A+ A-1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 5/14/2024 Entity A A-2 Stable Reaffirmed
Atlas Solar Limited (Formerly: Zhenfa Pakistan New Energy Company Limited) 12/26/2023 Entity A A-2 Stable Reaffirmed
Engro Powergen Qadirpur Limited 10/24/2023 Entity AA- A-1 Positive Maintained
FFBL Power Company Ltd 12/20/2023 Entity AA- A-1 Stable Reaffirmed
Gharo Solar Ltd 9/12/2023 Entity A A-1 Stable Reaffirmed
Indus Wind Energy Limited 8/7/2023 Entity A A-2 Stable Reaffirmed
K-Electric Limited 6/3/2024 Sukuk 5 AA+ Stable Note
K-Electric Limited 6/3/2024 Sukuk 6 AA+ Stable Note
K-Electric Limited 5/31/2024 STS-25 A-1+ Final
K-Electric Limited 6/13/2024 STS-26 A-1+ Final
K-Electric Limited 7/2/2024 STS-27 A-1+ Preliminary
K-Electric Limited 6/3/2024 Entity AA A-1+ Stable Note
Kot Addu Power Company Limited 1/8/2024 Entity A+ A-1 Rating Watch - Developing Downgrade
Lakeside Energy Limited 8/17/2023 Entity A- A-2 Stable Initial
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited) 11/29/2023 Entity A+ A-1 Stable Reaffirmed
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited) 12/20/2023 Entity A A-2 Stable Reaffirmed
Mughal Energy Limited 7/5/2024 Sukuk 1 A+ (plim) Stable Preliminary
NASDA Green Energy Limited 8/8/2023 Entity A- A-2 Stable Reaffirmed
National Power Parks Management Company (Pvt) Limited 12/28/2023 Entity AA+ A-1+ Rating Watch - Developing Reaffirmed
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/18/2023 Sukuk 1 AAA Stable Note
Nishat Chunian Power Limited 9/27/2023 Entity A+ A-2 Stable Reaffirmed
Punjab Thermal Power (Pvt) Limited 9/19/2023 Entity AA A-1 Stable Upgrade
Quaid-e-Azam Thermal Power (Pvt) Limited 8/23/2023 Entity AA A-1 Stable Reaffirmed
Rousch (Pakistan) Power Limited 5/22/2024 Entity AA A-1 Stable Upgrade
Thal Power (Pvt) Limited 12/22/2023 Entity AA A-1+ Stable Reaffirmed
Yunus Energy Limited 7/3/2024 Entity A+ A-1 Stable Reaffirmed
Zephyr Power Limited 4/18/2024 Entity A+ A-1 Stable Reaffirmed