VIS Reaffirms Ratings Of FFBL Power Company

KARACHI, (UrduPoint / Pakistan Point News - 12th Sep, 2019 ) :VIS Credit Rating Company Limited has reaffirmed the entity ratings of double A minus/A-one to Fauji Fertilizer Bin Qasim Power Company Limited.

The outlook on the assigned ratings is stable. Previous rating action was announced on July 26, 2018, said a press release on Thursday.

The assigned ratings take into account moderate business risk, strong financial risk profile and sound corporate governance infrastructure of the company.

Ratings also draw support from strong sponsor profile of the company with FPCL being a subsidiary of FFBL which holds 75% shareholding in the company while the remaining 25% shares are owned by Fauji Foundation.

Ratings also reflect track record of compliance with normative parameters stipulated in power purchase agreement since commencement of operations.

Plant availability has remained around 89% during 2018 and the first half of the Calendar year 2019.While capacity utilization of electricity has remained in excess of over 100% during the review period.