Corporates

Power Companies
Name Date Rating Type Long Term Short Term Outlook/Rating Watch Action
AJ Power (Pvt) Ltd 8/19/2024 Entity A+ A2 Stable Upgrade
Artistic Energy (Pvt) Ltd 5/14/2024 Entity A+ A1 Stable Reaffirmed
Artistic Wind Power Pvt Ltd 5/14/2024 Entity A A2 Stable Reaffirmed
Atlas Solar Limited (Formerly: Zhenfa Pakistan New Energy Company Limited) 1/7/2025 Entity A A2 Positive Maintained
Engro Powergen Qadirpur Limited 9/4/2024 Entity AA- A1 Stable Maintained
FFBL Power Company Ltd 3/27/2025 Entity AA A1 Stable Upgrade
Gharo Solar Ltd 9/26/2024 Entity A+ A1 Stable Upgrade
Gujranwala Electric Power Company 11/7/2024 Entity AA- A1 Stable Initial
Indus Wind Energy Limited 9/10/2024 Entity A A2 Stable Reaffirmed
K-Electric Limited 3/7/2025 STS-30 A1+ (plim) Preliminary
K-Electric Limited 1/23/2025 Entity AA A1+ Stable Reaffirmed
K-Electric Limited 1/23/2025 Sukuk 5 AA+ Stable Reaffirmed
K-Electric Limited 1/23/2025 Sukuk 6 AA+ Stable Reaffirmed
Kot Addu Power Company Limited 1/24/2025 Entity A+ A1 Stable Maintained
Liberty Daharki Power Limited (Formerly: TNB Liberty Power Limited) 2/24/2025 Entity A+ A1 Stable Reaffirmed
Lucky Renewables (Pvt) Limited (Formerly: Tricom Wind Power (Pvt) Limited) 1/2/2025 Entity A A2 Stable Reaffirmed
Maple Leaf Power Limited 9/23/2024 Entity A A1 Stable Initial
Mughal Energy Limited 2/26/2025 Sukuk 1 A+ (plim) Stable Preliminary
NASDA Green Energy Limited 10/10/2024 Entity A- A2 Stable Reaffirmed
National Power Parks Management Company (Pvt) Limited 12/6/2024 Entity AA+ A1+ Stable Maintained
Neelum Jhelum Hydropower Company (Pvt) Ltd 8/16/2024 Sukuk 1 AAA Stable Note
Nishat Chunian Power Limited 11/25/2024 Entity A+ A2 Stable Reaffirmed
Punjab Thermal Power (Pvt) Limited 10/2/2024 Entity AA A1 Stable Reaffirmed
Quaid-e-Azam Thermal Power (Pvt) Limited 9/23/2024 Entity AA+ A1+ Stable Upgrade
Thal Power (Pvt) Limited 12/12/2024 Entity AA A1+ Stable Reaffirmed
Yunus Energy Limited 7/3/2024 Entity A+ A1 Stable Reaffirmed
Zephyr Power Limited 4/18/2024 Entity A+ A1 Stable Reaffirmed